Central Bank Of Mongolia Gives Permission To Issue First Digital Currency

Mongolia’s biggest mobile telecoms administrator has turned into the nation’s previously authorized element to issue its own digital currency. This is as per a report by the official state media outlet Montsame Friday, September 28.
Mobicom’s financial arm Mobifinance is presently obvious to issue the e-currency, named “candy,” to investors, Montsame affirms. The administrators have gotten formal consent at a stately occasion at the Bank of Mongolia’s headquarters Friday.

Commenting on the accomplishment, which comes around five months after the national bank endorsed formal digital currency control, Mobicom CEO Tatsuya Hamada showed up highly bullish on the phenomenon’s future job in the economy.

“As digital currencies have begun to circulate, ATMs and cards will become a thing of the past as well,” Montsame quotes him as saying.

As indicated by the plans for a digital currency set forward by the national bank in April, “regulation defines who will participate in digital currency system and how, the process of getting permission, rights and duties of customers and service providers.”

“It also expected to support further development of FinTech technology and payment system,” Montsame stated at the time.

Candy currently exist as a whole ecosystem for Mongolian customers, who can utilize the digital currency to pay for different merchandise and services with different businesses.