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:

Country	IBAN example	New Crypto-IBAN
Belgium	BE71 0961 2345 6769	000-5902781-01-BEL
France	FR76 3000 6000 0112 3456 7890 189	880692310285-FRA
Germany	DE91 1000 0000 0123 4567 89	T22000129-DEU
Greece	GR96 0810 0010 0000 0123 4567 890	A1679136-GRC
Romania	RO09 BCYP 0000 0012 3456 7890	1460913400088-ROU
Saudi Arabia	SA44 2000 0001 2345 6789 1234	1046403927-SAU
Spain	ES79 2100 0813 6101 2345 6789	99999999R-ESP
Switzerland	CH56 0483 5012 3456 7800 9	E0767052-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:

	IBAN	National IDs
Number of Countries	69	> 150
Length of the identifier	14-34	9-12
Familiarity	Cumbersome	Usually memorised
Legality	ISO 13616:2007	National legal codes
Cryptographic protection	No	Smartcards/ePassports