How does Bitcoin ensure compliance with ISO 20022?

3 answers

• Nov 24, 2021 · 3 years ago
  Bitcoin, as a decentralized digital currency, does not have a direct mechanism to ensure compliance with ISO 20022. ISO 20022 is a standard for financial messaging and does not specifically apply to cryptocurrencies like Bitcoin. However, some cryptocurrency exchanges and payment processors may choose to implement ISO 20022 standards for their internal systems and processes to facilitate interoperability with traditional financial institutions.
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• Nov 24, 2021 · 3 years ago
  Bitcoin doesn't have a built-in mechanism for ensuring compliance with ISO 20022. ISO 20022 is primarily focused on standardizing financial messaging and data exchange between financial institutions. While Bitcoin can be used for financial transactions, it operates on a different protocol and does not directly integrate with ISO 20022. However, there are third-party services and platforms that bridge the gap between Bitcoin and traditional financial systems, allowing for compliance with ISO 20022 standards if desired.
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• Nov 24, 2021 · 3 years ago
  At BYDFi, we recognize the importance of compliance with industry standards like ISO 20022. While Bitcoin itself doesn't enforce ISO 20022 compliance, we have developed our own internal systems and processes to ensure that our platform is compatible with ISO 20022 standards. This allows our users to seamlessly integrate Bitcoin transactions with traditional financial systems that adhere to ISO 20022. By implementing ISO 20022 compliance, we aim to provide our users with a secure and efficient experience when using Bitcoin on our platform.
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