iDFC
Initiative Digital Fiat Currency: The Future of Currency
The Initiative Digital Fiat Currency: The Future of Currency (iDFC) is the brainchild of Dr. David Wen of Digital Fiat Currency Institute, Head of Standards ITU-T, Dr. Bilel Jamoussi, Prof Robert Hockett of Cornell University Program for Regulation of Financial Institution and Markets, Prof Lawrence Rufrano of Stanford. The vision of iDFC is to promote universal, digital financial access and inclusion using innovative technology for the benefit of the human race. The goal is to establish iDFC as the world’s leading think-tank for Digital Fiat Currency in all aspects, including governance and regulation, legal and economic impacts, technology, and security. This will be an effort based on mutual agreement between ITU, the Digital Fiat Currency Institute, Cornell University and Stanford University, who are the founding members.
iDFC Activities
iDFC is a research and practice Initiative, comprised of the following Activities:
To convene global stakeholders, for example via an annual conference and seminars on the topic of “Standardization of Digital Fiat Currency and its Application.” Participants to include regulators, technologists, legal practitioners, academics, payments experts, and other critical stakeholders in the DFC ecosystem;
To establish regional iDFC Labs to encourage interoperability and standardization of DFC technology.
The iDFC effort will leverage the resources, existing expertise, and ongoing work of each founding member institution. A detailed budget for additional costs of personnel engaging in iDFC activities, and the hosting the annual conferences, central bank DFC seminars and DFC laboratory is included in Exhibition A. Digital Fiat Currency Institute will provide funding for this effort. The initial period of iDFC will be for two years. The three parties will prepare a detailed working contractual agreement to set forth the framework under which they will work together on carrying out iDFC’s efforts and goals, including setting forth respective rights and responsibilities of the parties. The intention will be to continue iDFC after the initial two-year period, extending and potentially expanding iDFC’s efforts and goals, based on mutual agreement between the three parties. iDFC will be open to additional founding members such as other not-for-profit organizations with similar goals.