The main objectives of the Focus Group are:
- Study the economic benefit and impact of introducing DFC over mobile money;
- Investigate the ecosystem of digital fiat currency implementation for financial inclusion;
- Map the functional network reference architecture and process components required to implement digital fiat currency and integration with existing payment systems for interoperability;
- Identify use cases, requirements and applications of digital fiat currency;
- Develop better understanding of the security, regulatory implications, consumer protection, fraud prevention and counterfeiting issues of DFS and how can digital fiat currency can address these concerns;
- Identify critical sovereign security, transparency and verifiability of DFC technology and provide guidelines towards the escrow of critical software and hardware components to ensure trust and verifiability; and
- Identify new areas for standardization in ITU-T study groups.
The Focus Group will be an open platform for digital financial services stakeholders – such as telecom regulators; financial services regulators; digital financial services providers, payment platform providers; mobile network operators; international organizations, Fintechs and industry forums – to share knowledge and lessons learned in the field to achieve the objectives mentioned above.