Central Bank Of Mongolia Gives Permission To Issue First Digital Currency

Central Bank Of Mongolia Gives Permission To Issue First Digital Currency

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September 29, 2018 by Sandra Onyeiwu
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Per a report by the official state media outlet Montsame Friday, September 28. The Central Bank of Mongolia has given permission to issue the first digital currency in the country. Mobicom, the biggest mobile telecoms operator has become the country’s first licensed entity to issue its own digital currency. Mobicom’s financial arm Mobifinance is now clear
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Per a report by the official state media outlet Montsame Friday, September 28. The Central Bank of Mongolia has given permission to issue the first digital currency in the country. Mobicom, the biggest mobile telecoms operator has become the country’s first licensed entity to issue its own digital currency.

Mobicom’s financial arm Mobifinance is now clear to issue the e-currency, dubbed “Candy,” to investors, Montsame confirms. The executives have received formal permission at a ceremonial event at the Bank of Mongolia’s headquarters Friday.

Reflecting on the success, which comes around five months after the central bank adopted formal digital currency management, Mobicom CEO Tatsuya Hamada appeared highly bullish on the phenomenon’s expected role in the economy.

“As digital currencies have started to distribute, ATMs and cards will become a matter of the past as well,” Montsame cites him as saying.

By mapping outlaws to support further development of FinTech technology and payment system, Mongolia is expected to become one of the leading countries in the industry.

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