Mongolia is very rarely discussed in western news, as it’s not exactly known for its technological advances. However, the country famous for Genghis Khan is now making huge waves in the cryptocurrency space. Around five months ago the Central Bank of Mongolia (CBOM) approved crypto-friendly legislation, and Mobicom – Mongolia’s largest telecoms network – has decided to create its own cryptocurrency.
Mobicom received the go-ahead from the CBOM late last week and is set to roll out its cryptocurrency in the coming days. Dubbed “Candy,” the cryptocurrency will be used as a form of payment throughout the country. It is expected that Mobicom will encourage businesses to begin accepting the crypto, by giving discounts on business telecoms packages for all firms accepting Candy.
Candy is Already Thriving
Candy has existed for some time now in one form or another. It was previously thriving as a payment token, but without being classified a cryptocurrency. Since Mobicom got the go-ahead from the CBOM it can now go ahead and fully digitize Candy, making it into a cryptocurrency. Mobicom will leverage Candy’s existing popularity to roll out the nation’s first cryptocurrency and help bring Mongolia into the 21st century.
Marshall Islands Warned About Cryptos
While Mongolia is pioneering the next wave of crypto adoption in the world, the Marshall Islands have been warned to reverse a decision to make cryptocurrencies an official currency in the country. The International Monetary Fund (IMF) issued the warning based on the fact that America is considering withdrawing the USD from the country, as such it would make delivering aid to the island very challenging. Currently the Marshall Islands have a special arrangement with America whereby it uses USD as its main form of currency. Yet, the nation resents America and doesn’t care much whether it takes the USD back as it seeks independence.
Petro Failing Miserably
Over in Venezuela – another country that has created its own cryptocurrency – things for the Petro are beginning to look worse by the day. People are reporting no signs of Petro being used by anyone except the government. While Nicolas Maduro – President of Venezuela – has vowed to build new homes using the Petro, firms are reluctant to accept it in order to begin construction work – meaning projects are grinding to a halt. Maduro has also promised that the Petro will be used on international exchanges, but again there is still no sign of any major crypto exchange listing the coin.
While Candy hasn’t been designed with any bad intention in mind – unlike the Petro – it has yet to be listed on any major exchange. Given the fact it’s going to be used in Mongolia, there is a good chance the crypto will never land on the biggest crypto exchanges around the globe. However, it’s great to see a country creating its own crypto for good and really trying its hardest to make it a viable currency option. Many countries could learn a thing or two from Mongolia – keep up the great work!