Post Clarifies: Do Cryptocurrencies Comply with ISO 20022?

user avatar

by Giorgi Kostiuk

2 years ago

Made with AI

  1. Clarifications from Vet
  2. Relationship Between Ripple and ISO 20022
  3. ISO 20022 Standard and Cryptocurrencies


    4. The crypto community is actively discussing the issue of cryptocurrencies' compliance with ISO 20022. A recent post has provided clarity on this matter.

    Clarifications from Vet

    Vet (@Vet_X0), a prominent figure in the crypto community and a validator on the XRP Ledger (XRPL), highlighted key points regarding ISO 20022 compliance in his post. He stated that widespread claims about cryptocurrency compliance are misleading. According to him, no cryptocurrency currently meets the ISO 20022 standard.

    Cryptocurrencies are not inherently ISO 20022 compliant.

    Relationship Between Ripple and ISO 20022

    Ripple CTO David Schwartz confirmed in 2023 that XRP has nothing to do with the ISO 20022 standard. Vet further elaborated that cryptocurrencies, including XRP, are not governed or registered by ISO 20022. However, Ripple is part of the ISO 20022 Standards Body and the first partner focused on Distributed Ledger Technology (DLT).

    ISO 20022 Standard and Cryptocurrencies

    The ISO 20022 is designed for financial institutions handling cross-border payments and securities trading, providing a unified format for exchanging financial messages. However, this standard is not intended for cryptocurrencies and is not managed by any central authority. The standard used for managing Digital Token Identifiers is ISO 24165. Thus, cryptocurrencies may work with systems that use ISO 20022 but are not compliant with it.

    Vet’s post clarified the issue of cryptocurrencies’ compliance with ISO 20022, confirming that no cryptocurrency currently meets this standard.

Tier I

Sector: #18291

Sealed Hiding Place Room

Resource Cache

Resource Cache

Tier I

Requires 25% Tier Progress to Claim
Meme Cache

Meme Cache

Tier I

Requires 50% Tier Progress to Claim
Equipment Cache

Equipment Cache

Tier I

Requires 75% Tier Progress to Claim

After collecting, hiding places will be stored in your inventory and can be opened with Keys.

Other news

CME Group to Launch Bitcoin Cash and Uniswap Futures on October 19

CME Group has scheduled the introduction of Bitcoin Cash and Uniswap futures for October 19, providing institutional traders with more cryptocurrency markets.

user avatarRajesh Kumar

Ethereum's Glamsterdam Upgrade Scheduled for Hoodi Test Network

Ethereum's next major upgrade, Glamsterdam, is set to activate on the Hoodi test network on October 26, marking a significant step in testing changes to block production and execution costs.

user avatarMiguel Rodriguez

International Crackdown on West African Scam Networks Results in 28 Arrests

An international effort against West African scam networks has led to 28 arrests and the removal of over 37 million accounts linked to fraudulent activity.

user avatarLuis Flores

Stablecoin Payment Transactions Surge Despite Flat Supply

A new report reveals a significant increase in stablecoin payment transactions, contrasting with stagnant supply levels.

user avatarArif Mukhtar

MARA Holdings Transfers 1,000 BTC to Exchanges Amid Market Scrutiny

MARA Holdings has transferred approximately 1,000 BTC to Binance and Gate over the past five days, raising questions about its treasury movements.

user avatarDavid Robinson

CryptoBilis Case Exposes Vulnerabilities in Hardware Wallets

The CryptoBilis case reveals vulnerabilities in hardware wallets, leading to $90 million in losses due to tampered devices.

user avatarMaria Gutierrez

Important disclaimer: The information presented on the Dapp.Expert portal is intended solely for informational purposes and does not constitute an investment recommendation or a guide to action in the field of cryptocurrencies. The Dapp.Expert team is not responsible for any potential losses or missed profits associated with the use of materials published on the site. Before making investment decisions in cryptocurrencies, we recommend consulting a qualified financial advisor.