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Mongolia: Central Bank allows the issuance of the first Mongol cryptocurrency

Mongolia: Central Bank allows the issuance of the first Mongol cryptocurrency  - mongolei krypto min

MobiCom is the largest mobile operator in Mongolia. The financial company of MobiCom is Mobifinance. The company has now granted the Mongolian central bank a license to issue the country's first own cryptocurrency. This reported now the official state news agency Montsame.

Mobifinance can therefore issue its cryptocurrency named “Candy” to investors, Montsame confirmed. The permit was recently granted as part of a solemn ceremony at the central bank headquarters in the Mongolian capital Ulaanbaatar.

Already five months ago, the Mongolian central bank approved formalized cryptocurrency regulation. The CEO of MobiCom, Tatsuya Hamada, was very confident about the future role of the cryptocurrency in the Mongolian economy after granting the permit. He said:

“With the onset of cryptocurrency circulation, ATMs and ATM cards are a thing of the past.”

In April, the central bank presented its ideas regarding the regulation of cryptocurrencies. It said: “The regulation will determine who may participate in the system of cryptocurrencies, (…) how the permission is granted and what rights and obligations customers and service providers have.”

At the time, Montsame had stated that this step was expected to drive the development of financial technology and the payment system.

Candy already has a whole “ecosystem” where Mongolian consumers can use the cryptocurrency. It allows you to pay for a variety of goods and services across a range of providers.

It's interesting to see that recently, countries that are not necessarily the center of attention are seizing the new opportunities offered by blockchain and cryptocurrencies. Mongolia has now taken the step and opened up to the new technology. That can only be beneficial for the country and the whole industry. While many large industrial nations still struggle and react only slowly, many other countries seem more agile. This may be determined by sheer need, as in the case of Venezuela, or to circumvent sanctions, as in the case of Iran. This shows the potential for revolution inherent in the new technology. If a certain mass is exceeded, this could lead to a chain reaction. In the process, the big, slow-moving countries could suddenly lose out because they have to keep up with developments instead of helping to shape them.

It should also be interesting to see if and how the current move will affect the People's Republic of China. China is Mongolia's main foreign policy partner and both countries share a 4,630-kilometer border (roughly the same distance from Berlin to Dubai). However, unlike Mongolia, China is not open to cryptocurrency.

Mongolia: Central Bank allows the issuance of the first Mongol cryptocurrency  -

Sources: MobiCom, Montsame, Candy, Pixabay

Author: Peter Joost – Source Post: https://www.kryptovergleich.org/mongolia-centralbank-author-you-the-first-mongolian-crypto-monitoring/

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