The International Telecommunication Union (ITU) has begun a global process to standardise the use of cryptocurrency, stablecoins and central bank digital currencies (CBDCs).
The ITU hosted a three-day conference last week, to discuss how CBDCs and stablecoins can bring efficiency to financial inclusion and payment systems.
The gathering also sought to identify common patterns in digital architecture that could become areas for global standardisation.
The ITU said standards development needs to be influenced by all players in the ecosystem – all the communities and organisations that will come to rely on the resulting standards − hence it hosted the DC³ Conference.
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The conference, according to itweb.co.za, highlighted progress in standards development for digital currencies and also facilitated the sharing of insights from around the world on emerging industry trends and pilot digital currencies, including CBDCs.
Director, Telecommunication Standardisation Bureau, ITU, Chaesub Lee, said: “Money as we know it is transforming. Digital currency offers promising ways to make transactions more secure and cost-effective. It has great potential, also, to boost financial inclusion for the unbanked.
“Technical standards developed by the ITU can help us tap into this opportunity on a global scale.”
The current initiative by the ITU spans three working groups: one for architecture, interoperability and use cases; another studying policy and governance questions; and another focused on security and assurance.
According to Lee: “All three aim to identify where technical standards are needed for digital currencies, helping to ensure ITU standards meet those needs.
“Collaboration among different standards bodies will play a role in ensuring comprehensive standardisation solutions for digital currencies.”
Chief of Study Groups at the ITU telecommunication standardisation bureau, Bilel Jamoussi, commented: “The key is dialogue among digital ecosystem stakeholders and regulators on lessons learned from crypto-currency pilots.
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