Digital Currency of Mongolia Made Available for Bill PaymentSeptember 30, 2018
The cryptocurrency of Mongolia is officially in circulation now. The launching ceremony for this new method of payment in the country has taken place at the Bank of Mongolia.
Tatsuya Hamada, CEO of Mobicom Corporation stated, “As digital currencies have begun to circulate, ATMs and cards will become a thing of the past as well.”
Following the national payment system bill, the bank of Mongolia came up with a new set of regulations with respect to the digital currency.
Mobifinance, is a non-banking financial subsidiary of Mobicom Corporation. This corporation is the largest telecom company in Mongolia. This corporation acquired the due permission and certification to issue the first kind of digital currency in the country. The digital currency has been issued in accordance with the Fintech regulations.
Of note, “MobiCom Corporation is a total telecommunications service provider, supplying mobile, fixed line and satellite communication services in addition to a wide range of ICT services, and holds the largest market share among Mongolia’s mobile subscribers.(12/17).”
The Bank of Mangolia created the regulatory framework for the digital currency. The Electronic Cash license was issued by the Bank of Mangolia “On the national payment system.”
Erenhiylegch Bayartsaikhan, the president of the bank handed over the certificate to Tatsuyaa Hamadad, the General Director of Mobicom, at an official ceremony.
Mobifinance is the first type of non-bank financial institution to get the certificate to issue digital currency. The circulation of “Candy” which is first of the official digital currency has begun.
Users can make use of Candy to pay their bills, shop online, to take microloans, transfer funds and also to pay for their mobile bills. The value of Candy is lot similar to the national fiat currency. Tugrik is the national fiat currency for Mongolia.
Mobicom subscribers are having access to the digital money and they can use it to pay for their subscription. This payment system will be made available to other operators in Mongolia from October 1.
The digital currency has been issued per central bank regulation “regulation defines who will participate in digital currency system and how, process of getting permission, rights and duties of customers and service providers.”
Montsame also added, “It also expected to support further development of FinTech technology and payment system.”
Candy is already available to Mongolian consumers who can use it to pay for several financial transactions across a range of businesses.
Micetimes reports, “Look at the demand for the demand for cryptocurrencies in the state. If the experience proves positive, then it is expected that the Bank of Mongolia will develop its own token, which will be a digital alternative to national currencies. And then you will really begin a new stage of digitalization of society.”