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2017 Workshop on Standards for Digital Fiat Currency (DFC) for Universal Financial Access was held in Beijing
2017-10-24 14:51:00

2017 Workshop on Standards for Digital Fiat Currency (DFC)
for Universal Financial Access was held in Beijing


On October 12-13, 2017, Workshop on Standards for Digital Fiat Currency (DFC) for Universal Financial Access was held in Beijing. The Workshop was hosted by IWEP of CASS and International Telecommunication Union (ITU), and supported by Institute of Digital Money of People's Bank of China (PBC), China Academy of Information and Communication Technology, and Digital Fiat Currency Institute (DFCI, USA). IWEP Deputy Director and Senior Fellow Zou Zhibo and Bilel Jamoussi, Chief of the Study Groups Department Telecommunication Standardization Bureau, ITU-T, gave welcome address, respectively. Yao Qian, Director-General of Institute of Digital Money of PBC, delivered keynote report. The opening ceremony was chaired by David Wen, Chairman of ITU-T Focus Group on Digital Currency.

Nearly 100 experts, scholars, and representatives of enterprises took part in the Workshop. The main purpose of the Workshop was to investigate various platforms and their characteristics, to work with stakeholders from across sectors to investigate requirements for DFC, policy and regulatory challenges facing stakeholders, universal digital financial access and models, security aspects, and interoperability standardization.

The International Telecommunication Union (ITU) is a globally managed agency of the United Nations, responsible for the development, management and standardization of information and communication technology (ICT). Digital financial services and universal financial access is one of ITU focuse areas recently, for which ITU Focus Group on Digital Currency Digital Fiat Currency (ITU FG-DFC) was established. From November 2014 to December 2016, ITU FG-DFC has involved central banks of over 80 countries, ministry's telecoms regulators, telecommunication providers and telecommunication and mobile payments companies, to write a white paper about universal financial access by mobile communication. China's Huawei, Ant Financial Services Group, and the four major telecom operators are all its members. ITU actively supports “OBOR: Members of ITU FG-DFC ITU are not only central banks of “OBOR” countries, but also European central banks, Bank for International Settlement, UN secretariat innovation department supervisor, Britain's Financial Conduct Authority (FCA), and anti-money laundering supervisor of the US Department of the Treasury. ITU FG-DFC aims at meeting the expectations of its members, while exploring solutions for major issues that require urgent attention from policymakers and market participants.


The meeting


Zou Zhibo , IWEP Deputy Director and Senior Fellow, delivering welcome address


Bilel Jamoussi, Chief of the Study Groups Department Telecommunication Standardization Bureau, ITU-T, delivering welcome address


Yao Qian, Director-General of the Institute of Digital Money of PBC delivering keynote report.


David Wen, Chairman of ITU-T Focus Group on Digital Currency, chairing the opening ceremony.


Group photo