Bitcoin Foundation-supported task force initiated the standardization of BTC. Their aim is to obtain a special Bitcoin currency code meeting the ISO 4217 standard.
The group of experts responsible for making Bitcoin meet international currency standards is headed by former NASA engineer Beth Moses.
Including the cryptocurrency into the international classifier can solve many problems encountered by Bitcoin communities, and spur its development in many countries. According to experts, one of the major challenges faced by Bitcoin is the official refusal on state level to recognize it as the official currency. The latter is often justified with Bitcoin’s absence in the international classification; this problem can be solved with obtaining international currency code.
Currently, “BTC” is de facto used as abbreviation for Bitcoin, and it is very likely to change in case the currency code is officially introduced. According to the classifier, “X” is the only capital letter used as the first symbol to denote international currency units; in total, there should be three letters in the abbreviation. As suggested by the task force, the new standardized abbreviation for Bitcoin will be “XBT”. Also, there is a discussion on how the currency sign will look like, with three alternatives considered: B, ฿, or Ƀ.
According to Jon Matonis, the president of Bitcoin Foundation, introducing Bitcoin currency code and bringing the cryptocurrency to the international standard is an important step on the way to its global adaptation.