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Mongolia: The Crypto Country?

September 28, 2018



Charles Hoskinson went there to champion Cardano. They already have their own Cryptocurrency exchanges, conferences, companies and societies.


What you may not be expecting is the country that I am about to name is not in Europe. It is not in the group of Crypto leaders in Asia, either. The answer is, in fact, Mongolia.


Yes, that’s right. Mongolia seems to love Crypto.


As of today, news has come out of Mongolia through Montsame, which is apparently one of their chief news companies, that the Central Bank of Mongolia appears to have effectively endorsed the issuance and trading of Cryptocurrencies.


According to Cointelegraph, what this actually means is that one company has been given the most powerful bank’s rubber stamp of approval to make its Crypto coin available to investors, without fearing regulatory backlash.


The CEO of the company in question, Mobicom, which is Mongolia’s biggest telecommunications provider, appears to have also thrown his full support behind a Crypto future. Effectively, he said that he is sure that our current financial system will become obsolete and Cryptocurrencies will rise to the top in their place.


In the end, while other Crypto options like one called Candy, exist for Mongolian investors, this is the first that seems to have been endorsed by the government.


Given that it is also claimed that Montsame has been licensed by Mongolian regulators, it is reasonable to conclude that a boom in security token type projects like Polymath might follow, if firms choose to use Montsame as an example.


In any case, with Malta already passing laws related to encouraging Blockchain innovation and Sierra Leone ready to adopt the Blockchain for identification measures, we just might be seeing more than one Crypto country lead the way before all is said and done.



By: BGN Editorial Staff

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