Bitcoin Forum

Mongolia has taken a significant step forward toward bolstering its fintech sector, with the East Asian country’s central bank authorizing a local telecom operator to issue a digital currency under the country’s recently-passed national payment system bill.

As first reported by state-owned news agency Montsame, the Bank of Mongolia on Friday issued its first-ever digital currency license to Mobifinance — the fintech arm of Mobicom, the largest mobile phone provider in Mongolia.

Now licensed as a state-approved financial instrument, Mobicom’s virtual currency — dubbed “Candy” — is considered a “non-cash payment instrument” whose value is pegged to Mongolia’s fiat currency, the tugrik.

Read more: https://www.ccn.com/mongolia-issues-first-digital-currency-license-under-new-payment-system-law/