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The first Internet addresses containing non-Latin characters from start to finish will soon be online thanks to today's approval of the new Internationalized Domain Name Fast Track Process by the Internet Corporation for Assigned Names and Numbers board.

"The coming introduction of non-Latin characters represents the biggest technical change to the Internet since it was created four decades ago," said ICANN chairman Peter Dengate Thrush. "Right now Internet address endings are limited to Latin characters – A to Z. But the Fast Track Process is the first step in bringing the 100,000 characters of the languages of the world online for domain names."
ICANN's Fast Track Process launches on 16 November 2009. It will allow nations and territories to apply for Internet extensions reflecting their name – and made up of characters from their national language. If the applications meet criteria that includes government and community support and a stability evaluation, the applicants will be approved to start accepting registrations.

To read the entire article check out :  http://www.icann.com/en/announcements/announcement-30oct09-en.htm