ITU-T Focus Group Digital Currency including Digital Fiat Currency – First Meeting

The first meeting of the ITU Telecommunication Standardization Sector (ITU-T) Focus Group on Digital Currency including Digital Fiat Currency (FG DFC) will be held on 12–13 October 2017, in Beijing, China.

The main objectives of the focus group include to study the economic benefit and impact of introducing DFC over mobile money; to investigate the ecosystem of digital fiat currency implementation for financial inclusion; to map the functional network reference architecture and process components required to implement digital fiat currency and integration with existing payment systems for interoperability; to identify use cases, requirements and applications of digital fiat currency; to develop better understanding of the security, regulatory implications, consumer protection, fraud prevention and counterfeiting issues of DFS and how can digital fiat currency can address these concerns; to identify critical sovereign security, transparency and verifiability of DFC technology and provide guidelines towards the escrow of critical software and hardware components to ensure trust and verifiability; and to identify new areas for standardisation in ITU-T study groups.

The group aims to function as an open platform for digital financial services stakeholders (such as telecom regulators, financial services regulators, digital financial services providers, payment platform providers, mobile network operators, international organisations, fintechs, and industry forums) to share knowledge and lessons learned in the field of digital currencies.

For more details, visit the group’s webpage.

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