Bitcoin Foundation Financial Standards Working Group

October 7, 2014 18:31 UTC

The Bitcoin Foundation’s Financial Standards Working Group will focus on applying for ISO 4217 approval for a Bitcoin currency code as well as drawing up recommendations for a Bitcoin currency symbol and Bitcoin subunits.

The Financial Standards Working Group is chaired by Beth Moses, an aerospace engineer, formerly with NASA and now with Virgin Galactic.

Jon Matonis, Executive Director of the Bitcoin Foundation, said:

“Standardization is an important step towards removing obstacles for mainstream adoption – this is especially true with a technology for financial innovation that is global in reach.”

ISO 4217 is the International Standard for currency codes, and currencies are traditionally represented as a 3-letter alphabetic code. Currently, BTC is the leading candidate as it is in common use globally. However, ISO 4217 standards expect a leading letter “X” for global commodities. XBT is a possible candidate code.

The working group will examine the options for and recommend a Bitcoin currency Unicode symbol. Currently, the leading symbols for Bitcoin are B⃦, ฿, and Ƀ.

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Established in July 2012, the Bitcoin Foundation is the world’s first and leading member-driven non-profit digital currency trade organization dedicated to serving the business, technology, government relations, and public affairs needs of the Bitcoin community. The foundation works to protect and standardize the Bitcoin protocol and software, to broaden the use of Bitcoin through public education and by fostering a safe and sane legal and regulatory environment, and to support local Bitcoin efforts by connecting a network of Bitcoin communities worldwide.

Images from Bitcoin Foundation and Shutterstock.

Last modified: October 7, 2014 19:06 UTC

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