The Central bank of Mongolia announced the introduction of a new electronic payment instrument to the national payment and settlement system – ‘Digital currency’.
According to N. Bayartsaikhan, the Governor of Bank of Mongolia, “The Law on National Payment System adopted by the Parliament has created a law on digital currency, and the Central Bank has issued a ‘Digital Currency Regulation’ rule to comply with the law. The Bank of Mongolia issued the first license on issuing digital currency ‘Candy’ to non-banking financial institution ‘Mobifinance’. Therefore, “Candy” is considered a non-cash payment instrument equivalent Mongolian currency – tugrik.
Earlier, only commercial banks participated in the payment system of our country, but now fintech-based companies and financial institutions are allowed to participate in the payment system too”.
Many financial companies and enterprise requested for a license to issue digital currency, and the first permission was granted to NFBI ‘Mobifinance’. The BOM reported that two more companies have submitted their request. For ‘Mobifinance’, it is introducing digital currency based on Mobicom’s mobile network in line with international standards and committed to its fast and responsible operation. Tsuya Hamada, the CEO of “Mobicom”, said: “The digital currency based on technological advances will exclude ATM and and electronic cards”. “Candy” was originally a “bonus” program for Mobicom customers, but now it is a brand new electronic payment instrument that can be used by any operator in Mongolia, and is equivalent to MNT.