Or, it doesn't? Where the fuck did I hear the initial thing from?
2.2 Character codes No specific character set is specified. The protocol is based on a set of codes which are composed of eight (8) bits, making up an octet. Each message may be composed of any number of these octets; however, some octet values are used for control codes, which act as message delimiters. Regardless of being an 8-bit protocol, the delimiters and keywords are such that protocol is mostly usable from US-ASCII terminal and a telnet connection. Because of IRC's Scandinavian origin, the characters {}|^ are considered to be the lower case equivalents of the characters []\~, respectively. This is a critical issue when determining the equivalence of two nicknames or channel names.