A new digital currency is set to be launched in Mongolia after the country ’s largest telecom operator received approval from the Central Bank.
According to a local news source, Montsame, Mobicom will through its financial arm Mobifinance release a new digital currency called “Candy” to consumers.
The company secured approval to go ahead with the launch during a Friday ceremonial event at the Bank of Mongolia’s headquarters.
Candy which already exists as an ecosystem will be used by the Mongolian consumers to pay for goods and services provided by Mobicom as well as a number of other business.
Digital Currency Regulation Paves The Way
The latest announcement has come five months after the country announced formal regulations for digital currencies.
At that time, the country stated that “the regulation defines who will participate in digital currency system and how, the process of getting permission, rights, and duties of customers and service providers.”
Interestingly, Mobicom has now become one of the beneficiaries of regulatory clarity. CEO Tatsuya Hamada expressed the conviction that digital currencies have come to stay after achieving the new milestone.
“As digital currencies have begun to circulate, ATMs and cards will become a thing of the past as well,” he said in the report.
By mapping out laws to support further development of FinTech technology and payment system, Mongolia is expected to become one of the leading countries in the industry.
More firms will likely follow Mobicom’s step in the near future.