Mongolia’s Central Bank Gives the Nod to Issue First Digital Currency

The Central Bank of Mongolia has given permission to issue the first digital currency in the country. According to a report by the official state media outlet Montsame, Mobicom, the biggest mobile telecoms operator has become the country’s first licensed entity to issue its own digital currency.

The report says Mobicom’s financial arm Mobifinance has the backing of the CB to issue the e-currency, dubbed “Candy,” to investors. The formal permission was received at a ceremonial event at the Bank of Mongolia’s headquarters Friday.

A highly elated Mobicom CEO 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 plans for digital currency put forward by the central bank, regulation defines who will participate in digital currency system and how, 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. The new digital currency, Candy kicked off as an entire ecosystem for Mongolian consumers, who can use the digital currency to pay for various goods and services with a range of businesses.