The Chinese government, increasingly uneasy about virtual currency, is on the verge of shutting down the country’s Bitcoin exchanges, say sources. The move comes as the government focuses on preventing capital from leaving to digital currencies. But if China, the world’s No. 2 economy, does indeed take this step, the market for cryptocurrencies, including all the new companies using it, will feel the impact. Of all the virtual currencies, Bitcoin is the largest, since restrictions on it were loosened in Japan and elsewhere. Continue reading Sources Say China Is Planning to Shutter Bitcoin Exchanges

The Depository Trust and Clearing Corporation (DTCC), the “back end” for much of Wall Street trading, is replacing a central database with Bitcoin-inspired software. The New York-based DTCC records and reports almost every stock, bond and valuable derivative trade in the U.S. IBM, already experienced in blockchain technology, is leading the DTCC software transition, which is slated to be functioning by early 2018. The shift marks Wall Street’s most serious effort thus far to adopt Bitcoin’s underlying technology. Continue reading Wall Street Adopts Blockchain Technology to Record Trades

Hong Kong exchange Bitfinex was hacked and funds were stolen, marking a setback for digital currency Bitcoin. Bitfinex director of community and product development Zane Tackett posted on Reddit that 119,756 Bitcoins had been stolen. “Before the hacking was made public, that number of Bitcoins would have been worth about $72 million,” explains The New York Times. “Now that the currency has slumped, the figure is closer to $65 million.” During its investigation, Bitfinex has stopped all trading, deposits and withdrawals. The security breach is the latest in a series of events that could impact the viability of virtual currency. Continue reading Latest Cryptocurrency Cybertheft Could Shake Faith in Bitcoin