#ISO 20022 ISO#
What is the ISO 4217 Currency Identifier Standard?
#ISO 20022 CODE#
If ISO issues an official code for a crypto, such as Bitcoin or Ether ( ETH), that crypto will enter the database tables of top financial services like Visa and MasterCard. ISO standardized crypto identifiers are going to change the way crypto is used. Similarly, a crypto that complies with the ISO 20022 standard could be approved by a centralized bank that enables crypto payments. If a merchant wanted to import a bicycle into the US, the manufacturer would have to classify it using the ISO code or risk rejection at a shipping port. For instance, the ISO 4210 standard is used for bicycles. In some cases, the term “ISO” is used to describe products that were built according to a certain standard. The global financial industry is one of the many industries for which ISO sets standards. ISO’s catalog of standards includes 97 fields, covering healthcare, agriculture, engineering, shipping, weaponry, metallurgy, and more. To date, ISO has set over 20,000 standards, and continuously updates them by releasing technical reports, analyses, and publications. Through its standards, ISO aims to promote international trade and protect end users by ensuring the products being made are safe and of acceptable quality. This could lead to adoption by centralized banks and enable cross-border crypto payments through centralized financial institutions. However, in the new “ ISO 20022” standard, cryptos could be assigned ISO codes if they comply with ISO regulations. Given the lack of ISO codes in the crypto world, cryptos currently use unofficial ISO codes, such as “XBT” for Bitcoin. For example, the US Dollar is assigned the code “USD” in this standard. Currently, financial institutions rely on the ISO 4217 standard to identify currencies for global transactions. ISO has largely ignored cryptos until the last few years, when CDBCs ( Central Bank Digital Currencies) started gaining momentum. An ISO code for Bitcoin ( BTC) could facilitate global mainstream adoption more than any other action. If an ISO standard is established, virtually all financial institutions in the world adopt it. ISO develops international standards for industrial, commercial, and proprietary use. ISO ( International Organization for Standardization) is a non-governmental global organization based in Geneva, Switzerland.