Fidest – Agenzia giornalistica/press agency

Quotidiano di informazione – Anno 33 n° 348

eCurrency Announces Collaboration with ITU on Standardization Guidelines

Posted by fidest press agency su mercoledì, 15 novembre 2017

Beijinge. BeijingCurrency Mint Limited (eCurrency) announced today that it is contributing its seven-layer security architecture to an International Telecommunication Union (ITU) working group’s development of a reference architecture for digital fiat currency (DFC). This working group is tasked with outlining the framework for DFC, showing interoperability scenarios and integration into current payments systems.The working group was established at the first meeting of the ITU Focus Group on Digital Currency including Digital Fiat Currency (FG DFC) held at the Chinese Academy of Social Sciences in Beijing, 12-13 October 2017. The meeting was jointly hosted by ITU, the People’s Bank of China (PBOC), the Information and Communication Ministry, and the Digital Fiat Currency Institute.“The first meeting of the Focus Group welcomed broad, enthusiastic support from both the public and private sectors,” said Bilel Jamoussi, chief of the ITU-T Study Groups Department. “We are in a strong position to encourage digital currency innovation with the support of all stakeholders, stakeholders that will come together in this Focus Group to build a common understanding of their respective roles in managing ICT-driven transformations of the financial system.” The work of the FG DFC leverages the collaboration of all players in the ecosystem including Central Banks and financial standards bodies. The group has been created to establish guidelines for policy and regulation, study the impact on business and technology, and propose a reference architecture to ensure security.In his keynote speech, Yao Qian, director of the PBOC’s Institute of Digital Money, defined DFC by four fundamental properties as follows (paraphrased and translated): “DFC is defined by (1) its value, which is anchored by the trust of the nation as the unit of account, (2) its cryptography, forming its technology base, its algorithms, which are based on big data and artificial intelligence, and (4) its applications, which allow user experience and economic policies to be smarter.”DFC is authorized and issued by a country’s Central Bank as legal tender, designed to offer the same security status and interoperable function as physical currency. It uses high-security cryptographic protocols to ensure that it cannot be counterfeited, while remaining fully transparent. This secure instrument can be held in all e-money wallets and transacted seamlessly within existing network infrastructure.

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