The Central Bank of Mongolia has issued the first certificate for issuing digital currency in the country. The step was taken in order of the new Digital currency regulations in the country.
Mobifinance Certification For Issuing Digital Currencies In The Country
Mobifinance, the non-bank financial institution of the Mobicom Corporation, became the first firm granted a certificate to issue digital currencies in Mongolia as reported by Montsame on Friday, September 28, 2018.
Mobicom, the parent company of Mobifinance, is the largest mobile telecommunications operator in Mongolia.
The certificate issued to Mobifinance grants the firm the right to go ahead with issuing digital currencies named ‘Candy’ to interested investors. The official permission to go ahead with the issuance was given at a ceremonial event at the headquarters of the central bank on Friday.
The permission as given by the central bank of the country took place after five months the apex bank has approved official digital currency regulations in the country. The regulations were introduced as part of measures to embrace cryptocurrency and make the country a haven for cryptocurrency and blockchain investors, miner and traders.
While speaking on the new development in the country, Mobicom CEO, Tatsuya Hamada stated that the circulation of digital currencies would lead to the extinction of ATMs and cards, as he expressed great optimism about the cryptocurrency and the blockchain industry.
Notably, the regulations approved indicates who will participate in digital currency system, how it will be done, the process of obtaining permission and the rights and duties of the customers and the service provider. This regulations puts the role of issuance of right and oversee of digital currency issuance in the country in charge of the apex bank in Mongolia.
Candy, Digital Currency In Mongolia
The efforts of creating a haven for cryptocurrency and its technology has seen the introduction of regulations to make the ecosystem suitable for investors in the country. This is expected to lead to more growth and development of the cryptocurrency space.
Also, the central bank, as it was supportive of cryptocurrency regulation is expected to support further development of Fintech technology and payment system.
Meanwhile, the cryptocurrency, Candy already exists for Mongolia consumers for usage in payment of goods and services in the country.