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<b><i>Online Extra:</b></i> Bitcoin Alliance Aims to Boost Reputation of Digital Currency

By Erin Harrison
November 02, 2015

Known around the world as as 'crypto-currency,' Bitcoin officially has a justice group behind it that hopes to turn around the digital currency's conflicted reputation in the market ' and ultimately ward off criminals from making off with digital ransom.

The Blockchain Alliance has been formed to diminish criminal activity on the 'blockchain,' and Am Law 100 firm Steptoe & Johnson has been retained to serve as the group's counsel. The blockchain is a shared public ledger on which the entire Bitcoin network relies.

Jason Weinstein of Steptoe & Johnson, who is also director of the Alliance, said the group was formed to catch up with the level of sophistication digital criminals employ today. Bitcoin has earned a negative reputation for being associated with high-profile criminal cases'but that tarnished repute is not an accurate reflection of Bitcoin's many'benefits, he said.

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