Published on: 2013-09-18T10:48:30+00:00
In September 2013, there was a conversation between Johnathan Corgan and Jeff about the approval of the proposed XBT standard by ISO. Jeff simply responded with a "No," but there is no further information provided about what XBT is or why its approval matters to ISO.During the same month, Ron shared an article with his colleagues discussing the legitimacy of Bitcoin gaining a market-based ISO currency code. The article explains that Bitcoin has its own ISO currency code, XBT, which was proposed at the time but had not been approved by ISO yet. Ron questioned if there had been any updates on the proposal's approval status.Bitcoin, being a decentralized digital currency, has gained market-based legitimacy with its own ISO currency code according to the provided link. The recognition by the International Organization for Standardization (ISO) is a significant step towards increasing the credibility and mainstream adoption of Bitcoin in financial institutions and markets.The ISO currency code is a three-letter code used worldwide to represent currencies. Its purpose is to standardize the trading and exchange of currencies across international borders. With the addition of XBT in the ISO currency codes, Bitcoin can now be easily identified and tracked by financial institutions and traders globally.This move by ISO highlights the growing acceptance of cryptocurrencies in the global economy. It indicates that Bitcoin is gradually gaining market-based legitimacy, which could lead to increased investor confidence and stability in the cryptocurrency market.In summary, Bitcoin's recognition by ISO with its own currency code of XBT is a significant development in the cryptocurrency market. This recognition will help standardize the trading and exchange of Bitcoin and increase its credibility in financial institutions and markets globally. Furthermore, this move signifies the growing acceptance of cryptocurrencies in the global economy.
Updated on: 2023-08-01T05:55:57.807310+00:00