According to BBC:
The internet is on the brink of the “biggest change” to its working “since it was invented 40 years ago”, the net regulator Icann has said. The proposal was initially approved in 2008 will allow domain names written in Asian, Arabic or other scripts.
“So this change is very much necessary for not only half the world’s internet users today but more than half, probably, of the future users as the internet continues to spread.”
More details on BBC