Mongolia set to issue its first digital currency
Mongolia is now all clear to free to launch its first digital currency as it has been authorized by its Central Bank to do so.
As per a report published by the official state media outlet Montsame, Mobicom, the biggest mobile telecoms operator becomes Mongolia’s very first licensed entity to issue a digital currency of its own.
According to the report, the Central Bank has announced that it will completely back Mobicom’s financial arm Mobifinance in its quest of issuing the e-currency, dubbed “Candy,” to investors. It also received the formal permission on Friday, September 28th at a ceremonial event held at the headquarters of the Bank of Mongolia.
According to Mobicom CEO Tatsuya Hamada, who was quite ecstatic by the announcement, he said as digital currencies have begun gaining popularity, cards and ATMs will gradually become into a thing of the past.
According to the proposed plans for digital currency that was put forward by the central bank, the process of getting permission, rights, and duties of customers, service providers as well as participants in the digital currency system will all be decided by certain regulations.
Candy, the newly launched cryptocurrency is also expected to help with the further development of payment system as well as Fintech it is also credited for jump-starting as an entire ecosystem for Mongolian customers, who can pay for several goods and services using the digital currency with a range of businesses.