Virtual currencies such as bitcoin are the "Wild West" of financial products because of risks including huge swings in exchange rates, the U.S. Consumer Financial Protection Bureau said on Monday, as the agency faces increased pressure to oversee the currencies. "Virtual currencies are not backed by any government or central bank, and at this point consumers are stepping into the Wild West when they engage in the market," CFPB Director Richard Cordray said in a statement. In a consumer advisory, the agency noted that bitcoin fell as much 80 percent against the U.S. dollar in a single day this year, exposing investors to massive potential losses. Other risks include the fact that online or virtual currencies have been a target for hackers while some virtual currency companies have provided little help in cases where funds were lost or stolen, the CFPB said. Bitcoin, the best-known virtual currency, started circulating in 2009. Incidents that have brought the currency under new
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