Mongolian Central Bank Grants Approval For First Crypto Currency
Mongolia’s biggest mobile telecom company has turned out to be the country’s pioneer certified firm to deliver its own crypto currency. This is based on the report provided by the authorized government backed media news agency Montsame Friday, September 28.
Mobicom’s financial division Mobifinance has received all the clearances to distribute the e-currency, named “Candy,” to consumers and speculators, Montsame affirms. The administrators have gotten official consent at a ceremonial occasion at the Bank of Mongolia’s head office Friday.
Commenting on the accomplishment, which comes approximately five months subsequent to the central bank endorsed official crypto currency rule, Mobicom CEO Tatsuya Hamada looked extremely optimistic on the phenomenon’s upcoming role in the economy.
Commenting on the approval, Tatsuya Hamada said “As digital currencies have begun to circulate, ATMs and cards will become a thing of the past as well.”
According to the strategy for digital currency laid out by the central bank in April, “regulation defines who will participate in digital currency system and how, process of getting permission, rights and duties of customers and service providers.”
At that time, Montsame stated “It also expected to support further development of FinTech technology and payment system.”
Candy already exists as a complete ecosystem for Mongolian shoppers, who can make use of the crypto currency to purchase numerous products and services with a variety of businesses.