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INTERNET-DRAFT                                Walter Stanish
Intended status: Informational              The IFEX Project
Expires: May 13, 2013                       ifex-project.org
                                               November 2012

Registry of Unofficial Extensions to the ISO 4217 Alpha Three Currency
                Identification Namespace (X-ISO4217-A3)
                     draft-stanish-x-iso4217-a3-00


Abstract


   This document defines a new IANA registry to keep track of
   identifiers for currencies or currency-like commodities lying outside
   the traditional scope of the International Organization for
   Standardization (ISO) 4217 alpha-3 standard, such as digital
   currencies and commodities, currencies issued by countries (nation-
   states) with limited international recognition, emerging commodities
   such as emissions reduction credits, private or commercial
   currencies, and accounting units for local exchange and trading
   systems (LETS).  Such codes are already in use; the registry simply
   codifies their existence.


Status of this Memo


   This memo defines an Experimental Protocol for the Internet
   community.  This memo does not specify an Internet standard of any
   kind.  Discussion and suggestions for improvement are requested.
   Distribution of this memo is unlimited.

   Internet-Drafts are working documents of the Internet Engineering
   Task Force (IETF).  Note that other groups may also distribute
   working documents as Internet-Drafts.  The list of current Internet-
   Drafts is at http://datatracker.ietf.org/drafts/current/.

   Internet-Drafts are draft documents valid for a maximum of six months
   and may be updated, replaced, or obsoleted by other documents at any
   time.  It is inappropriate to use Internet-Drafts as reference
   material or to cite them other than as "work in progress."

   This document is an individual submission. Comments are solicited



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   and should be addressed to the author(s).

   This Internet-Draft is submitted in full conformance with the
   provisions of BCP 78 and BCP 79.

   This Internet-Draft will expire on May 13, 2013.


Copyright Notice

   Copyright (c) 2012 IETF Trust and the persons identified as the
   document authors. All rights reserved.

   This document is subject to BCP 78 and the IETF Trust's Legal
   Provisions Relating to IETF Documents
   (http://trustee.ietf.org/license-info) in effect on the date of
   publication of this document.  Please review these documents
   carefully, as they describe your rights and restrictions with respect
   to this document.  Code Components extracted from this document must
   include Simplified BSD License text as described in Section 4.e of
   the Trust Legal Provisions and are provided without warranty as
   described in the Simplified BSD License.





























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1.  Introduction


   The vast majority of multicurrency financial systems today use the
   International Organization for Standardization (ISO) 4217 standard
   for currency identification, which provides three digit numeric and
   three letter ("alpha-3") codepoints for the identification of each
   currency.  The latter, letter-based codes are in far greater use.

   ISO4217 codepoints are registered by the International Organization
   for Standardization through the maintenance agency for the registry,
   SIX Interbank Clearing [SIX], a Swiss financial body.

   The specific terms of SIX or the ISO's mandate within the currency
   sphere do not appear to be publicly available.  However, given that
   geographically defined nation-states with some international
   recognition and physically circulating currency (such as Transnistria
   [PRB]) have not been issued currency codes, and leaving aside the
   relatively large scope for raising conflict of interest questions
   with regards to SIX's SWIFT links, it is reasonable to assume that
   SIX and the ISO's mandate and/or sphere of interest in the currency
   domain is highly unlikely to suddenly extend to emerging currency-
   like commodities lacking some or all of the political qualities
   exhibited by conventional currencies.

   At present, issued codepoints are almost exclusively linked to
   national or supra-national entities (eg. 'EUR' for the Euro, the
   currency of the European Union) that have achieved political
   recognition from the United Nations, with some exceptions for the
   more popular traditional commodities, such as gold, and various
   regional instruments backed by similar political entities.

   This is understandable, given that conventional definitions of the
   term 'currency' are often inextricably linked to the notion of
   national issue by 'countries' or nation-states:

         "a system of money in general use in a particular country"
           -- The Oxford Dictionary [OXFORD]

   Therefore currencies and currency-like commodities with far smaller
   circulation not adopting a traditional national paradigm of issue are
   unlikely to be granted a codepoint. Indeed, there is some evidence
   that SIX Interbank Clearing has rejected proposals for such
   registrations in the recent past, citing lack of a national entity
   backing a particular currency. [ISO-REJECTION]

   This situation has left both end users and system developers and
   integrators in a quandry; in response they have apparently near



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   uniformly opted to respond by issuing unofficial ISO4217 alpha-3
   codes for private use.

   The present problem is that, given the recent growth of such
   unofficial codes, and the increasing exchange of such assets across
   disparate systems, no registry of unofficial codepoints exists.
   Therefore no unambiguous, internet-wide, shared vocabulary can be
   adopted by internet systems to identify this emerging class of
   assets.

   This document proposes the establishment of a registry to be
   maintained by the Internet Assigned Numbers Authority (IANA) in order
   to resolve this issue by creating an unofficial, parallel namespace
   codifying such unofficial extensions to the ISO4217 alpha-3 official
   standard, tracking present and future unofficial assignments.

   Examples of currencies or currency-like commodities for which systems
   may benefit from such registration include decentralized digital
   currencies such as Bitcoin [BITCOIN], the upcoming Ripple Credit
   [XRP], private currency systems [SLL], and regional currencies of
   limited political recognition [PRB] [TEM].

   The key words "MUST", "MUST NOT", "REQUIRED", "SHALL", "SHALL NOT",
   "SHOULD", "SHOULD NOT", "RECOMMENDED", "MAY", and "OPTIONAL" in this
   document are to be interpreted as described in BCP 14, RFC 2119
   [RFC2119].

























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Table of Contents


   1. Introduction . . . . . . . . . . . . . . . . . . . . . . . . .   2
   2. X-ISO4217-A3 . . . . . . . . . . . . . . . . . . . . . . . . .   6
    2.1. Examples. . . . . . . . . . . . . . . . . . . . . . . . . .   6
    2.2. Source Registry Identification. . . . . . . . . . . . . . .   6
    2.3. Codepoint Identification. . . . . . . . . . . . . . . . . .   6
   3. Implementation Considerations. . . . . . . . . . . . . . . . .   7
    3.1. Machine Presentation. . . . . . . . . . . . . . . . . . . .   7
    3.2. End User Presentation . . . . . . . . . . . . . . . . . . .   8
    3.3. Input . . . . . . . . . . . . . . . . . . . . . . . . . . .   8
    3.4. Case Sensitivity. . . . . . . . . . . . . . . . . . . . . .   8
    3.5. Internationalization. . . . . . . . . . . . . . . . . . . .   8
   4. Security Considerations. . . . . . . . . . . . . . . . . . . .   9
    4.1. Input . . . . . . . . . . . . . . . . . . . . . . . . . . .   9
     4.1.1. Input Confirmation . . . . . . . . . . . . . . . . . . .   9
     4.1.2. Case Normalization . . . . . . . . . . . . . . . . . . .   9
    4.2. IANA Processes. . . . . . . . . . . . . . . . . . . . . . .   9
   5. IANA Considerations. . . . . . . . . . . . . . . . . . . . . .  10
    5.1. Name Space Exhaustion . . . . . . . . . . . . . . . . . . .  10
    5.2. Registration. . . . . . . . . . . . . . . . . . . . . . . .  10
    5.3. Modification / Cancellation . . . . . . . . . . . . . . . .  10
    5.4. Publication . . . . . . . . . . . . . . . . . . . . . . . .  10
    5.5. ISO Liason. . . . . . . . . . . . . . . . . . . . . . . . .  11
    5.6. Security. . . . . . . . . . . . . . . . . . . . . . . . . .  11
   6. References . . . . . . . . . . . . . . . . . . . . . . . . . .  12
    6.1. Normative References. . . . . . . . . . . . . . . . . . . .  12
    6.2. Informative References. . . . . . . . . . . . . . . . . . .  13
   7. Acknowledgments. . . . . . . . . . . . . . . . . . . . . . . .  14
   8. Authors' Addresses . . . . . . . . . . . . . . . . . . . . . .  14
   9. Appendix A: Initial Registry Contents. . . . . . . . . . . . .  15
   10. Appendix B: Document History. . . . . . . . . . . . . . . . .  17

















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2.  X-ISO4217-A3


   The official [ISO4217] codepoints are considered a subset of a larger
   namespace providing unambiguous identification of currencies and
   currency-like commodities both within conventional ISO4217
   assignment, and codepoints external to that registry in popular use,
   the registry of which is to be managed by IANA.  This goal is
   achieved by providing a longer machine format for codepoints, whilst
   respecting existing end user expectations regarding format and
   presentation.

   As a result, systems implementers can provide X-ISO4217-A3 support
   and be safe in the knowledge that they will have the capacity to
   support all ISO4217 alpha-3 codepoints.


2.1.  Examples

The Euro is encoded as '0EUR'.

The digital currency or currency-like commodity known as Bitcoin is
encoded as 'XBTC'.


2.2.  Source Registry Identification

   In order to issue superset-compatible currency and currency-like
   commodity identifiers within the [ISO4217] scheme, a prefix character
   is introduced denominating the source registry, being either this
   IANA-managed and unofficial registry (denoted with 'X') or the
   official ISO-managed registry (denoted with '0').

   The 'X' notation is chosen as is the standard semantic for unofficial
   extensions within internet drafts.  The '0' notation is chosen as
   implying an 'initial' or 'original' semantic (with the useful side-
   effect of top-sort behaviour thus resulting).


2.3.  Codepoint Identification

   The X-ISO4217-A3 format may be expressed in ABNF [RFC5234] as
   follows:

    codepoint    = registry a3code       ; eg: '0EUR', 'XBTC'

    registry     = reg-iso / reg-iana    ; ie: '0' / capital 'X'
    reg-iso      = "0"                   ; ISO4217-A3 (ISO managed)



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    reg-iana     = %d88                  ; X-ISO4217-A3 (IANA managed)

    a3code       = 3caps-letter          ; eg: 'EUR', 'BTC'

    caps-letter  = %d65 / %d66 / %d67 / %d68 / %d69 / %d70 / %d71 /
                   %d72 / %d73 / %d74 / %d75 / %d76 / %d77 / %d78 /
                   %d79 / %d80 / %d81 / %d82 / %d83 / %d84 / %d85 /
                   %d86 / %d87 / %d88 / %d89 / %d90   ; ie. capital A-Z


   An explanation of the major elements follows.

   codepoint:
     A structurally valid X-ISO4217-A3 codepoint in machine format, ie.
     including the registry identifier.

   registry:
     A character identifying the source registry of the subsequent
   'a3code'
     being either 'X' (denoting this registry, managed by IANA) or '0'
     (denoting the official ISO4217 registry, managed by SIX on behalf
   of
     the ISO).

   a3code:
     Alpha-three code. A three letter alphanumeric string identifying a
     specific currency or currency-like commodity within the prior
     'registry', as presently used within ISO4217 and unofficial
   extensions
     to the ISO4217 system, for example: 'EUR' (official ISO code
   denoting
     the Euro) or 'BTC' (widely used code denoting Bitcoin [BITCOIN]).



3.  Implementation Considerations


3.1.  Machine Presentation


   In contrast to the existing practice of utilising ad-hoc vocabularies
   for systems integration, X-ISO4217-A3 systems MUST provide the full
   X-ISO4217-A3 code including registry identifier to all connecting
   systems.






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3.2.  End User Presentation


   For user presentation purposes, systems MAY wish to present the
   'a3code' element to end users rather than the full X-ISO4217-A3
   codepoint (eg: 'BTC' instead of 'XBTC').  In such cases, adequate
   context SHOULD be given in order to prevent ambiguity.  Adeqaute
   context MAY include the option to view the full X-ISO4217-A3
   codepoint, the human language currency name, and the source registry,
   AND/OR the reconfirmation of any initiated operation with such
   clarifying contextual information added prior to its actual
   execution.


3.3.  Input

   Implementations SHOULD accept both X-ISO4217-A3 and ISO4217-A3
   equally in all cases, such that end users are NOT aware of any
   difference between the two standards.

   In the event that users provide an 'a3code' as input, multiple
   codepointrs The determination of


3.4.  Case Sensitivity

   Implementations MAY accept (structurally invalid) mixed or lower case
   input, but SHOULD normalize this input to (structurally valid) upper
   case prior to processing or storage.  For relevant security
   considerations, see Case Normalization.

   Implementations MUST present only upper case normalized (structurally
   valid) identifiers to both peer systems and end users.


3.5.  Internationalization

   The registry MAY include currency and entity names as arbitrary UTF8
   strings.

   To aid international recognition of individual codepoints,
   implementations MUST present only upper case normalized (structurally
   valid) identifiers to both peer systems and end users.  (See Case
   Sensitivity).







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4.  Security Considerations

   X-ISO4217-A3 only provides a currency or currency-like commodity
   identification scheme and DOES NOT approach problems of
   communications security, which are purposefully left to other
   protocols.  Even so, some security considerations are are pertinent.


4.1.  Input


4.1.1.  Input Confirmation

   Because there is always some scope for error in systems requiring end
   user input (see Case Normalization), unambiguous confirmation of
   input SHOULD be provided.  Such confirmation MAY include the full X-
   ISO4217-A3 codepoint, the human language currency name, and the
   source registry.


4.1.2.  Case Normalization

   It should be noted with regards to case normalization that some
   frequency of manual recognition or transposition errors is likely to
   occur whenever input is sought.  This frequency increases in
   situations where an end user does not have linguistic or other types
   of clues regarding a source document's probable vocabulary or
   semantics, or is simply unfamiliar with the material.  Machine-style
   codes, such as X-ISO4217-A3, therefore fall in to a relatively high
   risk area, albiet one that conventional ISO4217 systems are also
   vulnerable to.

   When considering the implementation of X-ISO4217-A3 systems that
   accept lower or mixed-case input, implementers SHOULD consider
   carefully whether case normalization is an appropriate choice for
   their systems, given that the scope for such errors is nominally
   (though not hugely) increased.  (For example, an input of 'Z' could
   come from a user misunderstanding a lowercase 'r', or an input of 'U'
   could come from a user misunderstanding a lowercase 'a'.)  To some
   extent this issue SHOULD be mitigated by the requirement that
   implementations MUST present only upper case (structurally valid)
   codepoints both to peer systems and end users.


4.2.  IANA Processes

   IANA MUST provide adequate authentication of registrant institution
   communications in order to prevent the subversion of established



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   institutions' registration information via IANA's registrar
   functions.



5.  IANA Considerations

5.1.  Name Space Exhaustion

   Should the entire IANA-managed portion of the X-ISO4217-A3 namespace
   approach registration, IANA MUST immediately select an additional
   registry prefix.


5.2.  Registration

   Codepoints MUST be assigned by IANA on a first come first served
   basis [RFC5226].  To support innovation, in contrast to conventional
   financial registries, codepoints MUST be issued to ANY registrant
   supplying a valid domain name and reasonable information.

   Registrants MUST provide the domain name with which their service is
   primarily associated AND the name of the registrant (either a person
   or an organizational entity), as well as the appropriate contents for
   the registry fields.

   Registrants MAY request a specific codepoint, or IANA MAY assign them
   one.


5.3.  Modification / Cancellation

   Due to the nature of currency and currency-like commodity
   identification between disparate financial systems, codepoint
   allocations are permanent and binding.  However, modifications to
   metadata are possible and SHOULD be effected by IANA within a few
   working days.  IANA should update the 'modified' field of the
   registry entry in question to reflect the fact that modification has
   taken place.


5.4.  Publication

IANA SHALL publish revisions to the global registry of X-ISO4217-A3
codes as changes are made.

IANA SHALL NOT include ISO4217 official codepoints for legal reasons.




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IANA SHALL provide GPG-compatible cryptographic signatures along with
each version of the registry.  IANA MAY provide additional cryptographic
signatures and/or checksums at their sole discretion.

The registry SHALL utilize UTF8 encoding in order to meet
internationalization requirements for institution names.

The format and initial contents of this registry document are specified
in Appendix A.


5.5.  ISO Liason

   IANA SHOULD formally notify [SIX] (as the maintenance agency of the
   ISO4217 registry) of the existence of this registry.  IANA SHOULD
   make [SIX] feel welcome to forward parties unsuccessful in their
   applications for ISO4217 codepoints to IANA, in order to acquire
   alternate codepoint registrations within the IANA-managed X-
   ISO4217-A3 registry.


5.6.  Security

   IANA MUST provide adequate authentication of registrant institution
   communications in order to prevent the subversion of established
   codepoints' metadata via IANA's registrar functions.

   As IANA is likely to have superior experience in this domain,
   specific procedures are left to IANA's judgement.






















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6.  References

6.1.  Normative References


   [ISO4217]       ISO. "ISO 4217 - Currency Codes",
                   http://www.iso.org/iso/home/standards/
                    currency_codes.htm

   [RFC2119]       Bradner, S., "Key words for use in RFCs to
                   Indicate Requirement Levels", BCP 14, RFC 2119,
                   March 1997.

   [RFC5226]       Narten, T., and H. Alvestrand, "Guidelines for
                   Writing an IANA Considerations Section in RFCs",
                   BCP 26, RFC 5226, May 2008.

   [RFC5234]       Crocker, D. and P. Overell, "Augmented BNF for
                   Syntax Specifications: ABNF", STD 68, RFC 5234,
                   January 2008.































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6.2.  Informative References


   [BITCOIN]       Nakamoto, S., "Bitcoin: A Peer-to-Peer Electronic
                   Cash System", 2009-05-24.
                   http://www.bitcoin.org/bitcoin.pdf

   [ISO-REJECTION] grossdigitalproduct, "getting BTC into ISO 4217
                   currency list", 10 November 2012.
                    https://bitcointalk.org/index.php?topic=123600
                    Relevant excerpt:
                     "I also understand you have previously denied
                      such requests with the following statements:
                       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."

   [OXFORD]        Oxford University Press, "Definition of currency"
                   http://oxforddictionaries.com/definition/english/
                    currency

   [PRB]           Trans-Dniester Republican Bank, "History of coins
                   and banknotes". Retrieved November, 2012.
                   http://www.cbpmr.net/?id=33&lang=en

   [SIX]           SIX Interbank Clearing
                   http://www.six-interbank-clearing.com/

   [SLL]           "Economy of Second Life"
                   http://en.wikipedia.org/wiki/Economy_of_Second_Life

   [TEM]           Exchange and Solidarity Network of Magnesia,
                   "Alternate Monetary Unit"
                   http://www.tem-magnisia.gr/

   [XRP]           OpenCoin, Inc. "Ripple open source payment system"
                   http://ripple.com/



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7.  Acknowledgments


    * Payward, Inc. funded the research and development of this
   document.
    * OpenCoin, Inc. provided valuable feedback.
    * The (completely OMC unaffiliated) OpenSimulator project staff were
      helpful in clarifiying the origin and status of OMC.


8.  Authors' Addresses


   Prepared by Walter Stanish <walter@stani.sh> of Payward, Inc. on
   behalf of The Internet Financial EXchange (IFEX) Project:
   http://www.ifex-project.org/



































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9.  Appendix A: Initial Registry Contents

Prior to IANA handover, parties wishing to acquire an identifier may do
so by contacting the IFEX Project via ifex-project.org


 # X-ISO4217-A3: Unofficial ISO4217 Alpha-3 Extensions Registry.
 #
 # Version: 20121113-0
 #  (Format is <yyyy><mm><dd>-<x>, where x is a digit from 0-9)
 #
 # To be cryptographically signed by IANA and replicated freely.
 #
 # Format:
 #  - Lines beginning with '#' are comments.
 #  - Whitespace should be ignored.
 #  - Fields at the end of a record may be absent.
 #  - Records are comprised of the following fields (ABNF):
 #     country-code institution-code "|" created "|" modififed \
 #       "|" domain "|" registrant "|" fingerprint
 #
 # Fields:
 #  registry       Registry of origin. 'X' denotes IANA X-ISO4217-A3.
 #  a3code         Three character code identifying the currency or
 #                 currency-like commodity within a registry.
 #  name-singular  Singular form name of the currency (or primary unit)
 #  e              Number of post-decimal digits in normal use.
 #  created        Date of registration (YYYY-MM-DD).
 #  modified       Date last modified (YYYY-MM-DD), or blank.
 #  domain         Primary domain name associated with the record.
 #  registrant     Native language name of the registrant (UTF8).
 X|ACD|Avination Care Dollar|2|2012-11-13||avination.com|Avination
Virtual Limited
 X|BTC|Bitcoin|8|2012-11-13||bitcoin.org|Bitcoin Community
 X|CER|Kyoto Protocol Certified Emissions Reduction CO2
Tonne|4|2012-11-13|||United Nations Framework Convention on Climate
Change
 X|OMC|Open Metaverse Currency|2|2012-11-13||Open Metaverse Currency
Community
 X|PRB|Transistrian Ruble|0|2012-11-13||cbpmr.net|Trans-Dniester
Republican Bank
 X|SLL|Second Life Linden Dollar|0|2012-11-13||secondlife.com|Linden
Research, Inc.
 X|TEM|Volos Alternative Monetary Unit|0|2012-11-13||tem-
magnesia.gr|Volos Alternative Monetary Unit Community
 X|VER|Non Kyoto Protocol Verified Emissions Reduction CO2
Tonne|4|2012-11-13|||Non Kyoto Protocol Verified Emissions Reduction
Community



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 X|XRP|Ripple Credit|6|2012-11-13||ripple.com|OpenCoin Inc.


















































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10.  Appendix B: Document History

draft-stanish-x-iso4217-a3-00 (2012-11-13)
  Initial release.















































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