Next year, the controversial cryptocurrency bitcoin may obtain the status of a legal tender. According to a survey held by TABB Research, the system of bitcoin wallets based on the block chain technology can change dramatically the principle of electronic exchange trading. The recent report of the think tank says that the worldwide use of block chain systems is only a matter of time, although the block chain technology has to be adjusted for traders’ needs. It has obvious advantages over other electronic trading technologies. The block chain is a public database that records all bitcoin transactions. Nowadays, 25 banking giants are being involved in the joint project. They are developing the global financial system to deal with bitcoins. R3 (R3CEV LLC) is a hi-tech financial company, which leads the consortium. The team’s aim is the introduction of the block chain technology in financial markets all over the world. Not so long ago, bitcoin-related news dominated the headlines of financial periodicals. However, recently, attention to the cryptocurrency has been on the wane. The bitcoin was invented as a ground-breaking alternative digital payment means. It was rapidly gaining in popularity for a while, its value surged to $1,145. Having spotted a new monetary instrument, central banks of several countries, in particular Russia and China stated the electronic currency poses a threat to their economies. The official stance pushed the bitcoin value down. As a result, some bitcoin exchanges went bankrupt.
