The New IBAN of Digital Currency

What is IBAN?

            The IBAN is a numbering scheme that was created to identify bank accounts across national borders: it was conceived to unify bank account identification and standardize their format (i.e., country, bank, branch, routing code, and account number). The IBAN was instrumental to achieve compliance with the Travel Rule of bank transfers. IBANs look as follows:

CountryIBAN exampleNew Crypto-IBAN
BelgiumBE71 0961 2345 6769000-5902781-01-BEL
FranceFR76 3000 6000 0112 3456 7890 189880692310285-FRA
GermanyDE91 1000 0000 0123 4567 89T22000129-DEU
GreeceGR96 0810 0010 0000 0123 4567 890A1679136-GRC
RomaniaRO09 BCYP 0000 0012 3456 78901460913400088-ROU
Saudi ArabiaSA44 2000 0001 2345 6789 12341046403927-SAU
SpainES79 2100 0813 6101 2345 678999999999R-ESP
SwitzerlandCH56 0483 5012 3456 7800 9E0767052-CHE

IBAN vs National IDs

            A crypto-currency using National IDs as addressing identifiers for accounts is legal-by-design (FAFT and AMLD5), shorter and more familiar to users. A comparison follows:

IBANNational IDs
Number of Countries69> 150
Length of the identifier14-349-12
FamiliarityCumbersomeUsually memorised
LegalityISO 13616:2007National legal codes
Cryptographic protectionNoSmartcards/ePassports