FG DFC The ITU-T Focus Group on Digital Currency including Digital Fiat Currency (FG DFC) was established in May 2017.
The main objectives of the Focus Group were:
- Study the economic benefit and impact of introducing DFC over mobile money;
- Investigate the ecosystem of digital fiat currency implementation for financial inclusion;
- Map the functional network reference architecture and process components required to implement digital fiat currency and integration with existing payment systems for interoperability;
- Identify use cases, requirements and applications of digital fiat currency;
- Develop better understanding of the security, regulatory implications, consumer protection, fraud prevention and counterfeiting issues of DFS and how can digital fiat currency can address these concerns;
- Identify critical sovereign security, transparency and verifiability of DFC technology and provide guidelines towards the escrow of critical software and hardware components to ensure trust and verifiability; and
- Identify new areas for standardization in ITU-T Study Groups.
The Focus Group completed its work on 14 June 2019 and submitted its report to TSAG. The reports of the Focus Group are shown below.