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Mongolia introduces cryptocurrency license under new legislation

Mongolia introduces cryptocurrency license under new legislation
Sep 29, 2018 by Rico Wise

It has recently been reported that yesterday, Mongolian central bank has released its very first cryptocurrency license to Mobicoms finance and technology branch, Mobifinance. Mobicom is the most dominant provider of mobile phone services in Mongolia.

The digital currency of Mobicom has been named Candy, and is henceforth licensed as a “non-cash settlement tool”, the value of which is connected to tugrik, the native fiat medium of exchange.

Prior to state approval, Mobicom was only capable of issuing the digital currency to its mobile clients via a digital wallet application dubbed Candy Pay. With help of the application, clients were able to send or receive funds using their bank, settle utility bills, do web-shopping and make transactions to other clients.

Nevertheless, starting from October, the businesses all across the country will obtain permission to utilize Candy as an official system for payments, and despite the fact that it is yet unknown how popular will this particular digital currency become, Tatsuya Hamada, the chief executive at Mobicom believes, that virtual currencies will significantly change the landscape of financial services.

The license has been issued to Mobicom by the executives of the country’s central bank at a ceremonial event conducted at Bank of Mongolia’s HQ. The policymakers anticipate that the newly adopted law will incentivize innovation in Mongolia through permitting firms apart from conventional banking institutions to take part in the industry of financial services.

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