Suport Bitcoin currency code BTC in ISO 4217

[Pander]

In order to get Bitcoin currency code BTC more widely supported (e.g. Unicode, gnucash, etc.) please request http://www.currency-iso.org/iso_index.htm via email on office@currency-iso.org to add BTC to the ISO 4217 list of Currency Codes. Below is an example email (please improve the text with some motivation if you like).



Dear madam, sir,

Please support the new Bitcoin currency code BTC in ISO 4217. For more information, see:
  http://www.weusecoins.com/
  http://bitcoincharts.com/markets/
  https://secure.wikimedia.org/wikipedia/en/wiki/Bitcoin
  http://www.bitcoin.org/

Yours sincerely,

...

[1713470808]

1713470808

[1713470808]

1713470808

[Pander]

gnucash maintainers told me to make this request as they will not support it otherwise. see also https://bugzilla.gnome.org/show_bug.cgi?id=648627

[Dusty]

I wrote to the specified address and this is their response:

Dear Dusty
We are not able to support the new Bitcoin ISO 4217 currency code, based on the following:

1. The currency code is not linked to any country code.
2. The currency code is considered a 'private currency' and not used for tender in any country.
3. There will be no international payments denominated in Bitcoin therefore an ISO currency code for the Bitcoin is not applicable.
4. The Institution responsible for the Bitcoin does not appear to be recognized internationally or have any official status. Neither Reuters or Bloomberg provides market data related to its use.

I would like to discuss each point to understand if this is debatable (I think it is).

For example:
1) Is it really necessary? For example: did the Euro have a iso code before being linked to any country code? Is "the world" a country where BTC can be linked?

2) Is that a legal tender they refer to? What defines "tender" otherwise?

3) it seems to me that every bitcoin transaction can be international by definition, and we have plenty of examples for that

4) that would be certainly very hard, but should that really be necessary?

[Pander]

I got the same reply.

1: agree, EUR is a good example
2: it is not privacy because everyone can use it, there are no conditions to exclude anyone so it is public
3: agree it is international
4: OK, well that is the power that it has no single point of failure, but that doesn't mean it is not a currency. However, it has a market, just a matter of time it is on Reuters and Bloomberg. We could ask Reuters http://reuters.zendesk.com/home and Bloomberg http://www.bloomberg.com/about/contact/ to also report on the market figures from http://bitcoincharts.com/markets/ Who has any idea how to go about that? Who is willing to take up that one?

Please challenge SIX Interbank Clearing (in a positive way) on all points. I will do the same.

[deadlizard]

I wrote to the specified address and this is their response:

2. The currency code is considered a 'private currency' and not used for tender in any country.

2) Is that a legal tender they refer to? What defines "tender" otherwise?

tender 1) v. to present to another person an unconditional offer to enter into a contract. 2) to present payment to another. 3) n. delivery, except that the recipient has the choice not to accept the tender. However, the act of tender completes the responsibility of the person making the tender.

[Dusty]

tender 1) v. to present to another person an unconditional offer to enter into a contract. 2) to present payment to another. 3) n. delivery, except that the recipient has the choice not to accept the tender. However, the act of tender completes the responsibility of the person making the tender.

So, does bitcoin satisfies that definition? I would think yes, isn't?

[Gavin Andresen]

In order to get the Bitcoin currency code BTC more widely supported, forget about ISO. Just use the code.

+1

[RodeoX]

Done.

[Pander]

After positively challenging all four points, this is what I got back, unfortunately:

The EUR is linked to a country code (EU), Bitcoin is not.
The Bitcoin is a private currency, because there is no governmental institution or monetary authority supporting it. The point in case is not whether a currency is public or not (Facebook Credits are also public but would not get an ISO code either).
Finally, Bitcoin may not be denominated in any other currency.

We are therefore obliged to definitely decline your request.

Perhaps when Bitcoins are more mature and the market has grown, I hope they will pick it up by themselves.

[kseistrup]

Bitcoin currency code BTC

Perhaps it's been said before, but … currency symbol BTC implies that it belongs to the Kingdom of Bhutan.  Something like XBC sounds more sane to me (execpt it is already in ISO 4217).

Cheers,

[Pander]

Many currency codes can imply a different interpretation. Just stick with BTC as it is not used by others and used extensively throughout the community.

For people that would like gnucash to support BTC, see https://bugzilla.gnome.org/show_bug.cgi?id=648627 for contributing a patch providing BTC as a user defined currency.

[Pander]

Also added BTC as non-ISO curency on Wikipedia https://secure.wikimedia.org/wikipedia/en/wiki/ISO_4217#Without_currency_code

[kseistrup]

Also added BTC as non-ISO curency on Wikipedia

Let's see what the wiki nazis say… 

Cheers,

[grossdigitalproduct]

There is now a new thread on this topic, much more up to date:

  https://bitcointalk.org/index.php?topic=123600.0

and a petition has been started on change.org to get the ISO to act:

  http://www.change.org/petitions/six-interbank-clearing-include-a-symbol-for-bitcoin-in-iso-4217

[Graet]

There is now a new thread on this topic, much more up to date:

  https://bitcointalk.org/index.php?topic=123600.0

and a petition has been started on change.org to get the ISO to act:

  http://www.change.org/petitions/six-interbank-clearing-include-a-symbol-for-bitcoin-in-iso-4217

++

sign the petition and tell your friends to as well

[misterbigg]

Find a small country that will adopt Bitcoin as its currency and then re-apply to the ISO.

[Mageant]

Bitcoin currency code BTC

Perhaps it's been said before, but … currency symbol BTC implies that it belongs to the Kingdom of Bhutan.  Something like XBC sounds more sane to me (execpt it is already in ISO 4217).

Cheers,

On the Wikipedia page it lists BTN as the symbol for Bhutan. BTC is currently not used.
XBC on the other hand is actually already in use.

[Peter Lambert]

How about XBT? It appears to be not in use by ISO.

I think I made a thread about this a couple years ago ... https://bitcointalk.org/index.php?topic=29061.0

[FCTaiChi]

14.15 USD/XBC

how sweet

[btceic]

signed, thanks for starting this