Altcoin News: Cryptocurrency Names Will Be Standardized for Traditional Markets

October 24, 2019, by Marko Vidrih on ALTCOIN MAGAZINE

The Association of National Numbering Agencies (ANNA) has formed a working group whose task will be to standardize the names of digital assets in the financial markets.

In particular, the organization intends to assign such assets an international securities identification code (ISIN) in accordance with the principles of the International Organization for Standardization (ISO). The attention of the working group will primarily be focused on the designations of cryptocurrencies, tokens, and other cases of using blockchain technology in financial markets.

Although exchanges use single tickers to denote most cryptocurrencies, in certain cases there are discrepancies that need to be addressed to ensure uniformity in traditional markets, with which such assets come into contact more and more. For example, Bitcoin is usually referred to as “BTC”, but the Bitcoin another ticker “XBT” is to close to the “XAU” gold ticker.

ANNA Executive Director Uwe Meyer believes that standardizing cryptocurrency names will be another step towards recognizing the status of a developing asset class.

“With digital assets emerging as a new investment class, the availability of quality, standardized reference data will serve as the foundation for a trusted token market,” he said.

Author: Marko Vidrih