BALTIMORE (AP) — Two state officials are warning Maryland residents to exercise caution in buying, selling, transacting with or investing in virtual currencies.

Mark Kaufman, commissioner of Financial Regulation and Attorney General Doug Gansler warned residents on Friday that Maryland does not regulate virtual currencies such as bitcoin.

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Bitcoins, created in 2009, are used for transactions across borders without third parties such as banks.

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Kaufman and Gansler say residents should consider the risks inherent in transacting or investing in virtual currencies.

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