Mongolia is one of the recent countries that are viral in the crypto news section on our website – this time for bolstering its fintech sector and issuing the first digital currency license under its new payment system bill.
The East Asian country’s central bank has made the official news to introduce the cryptocurrency law which will go under the country’s recently-passed national payment system bill. As first reported by the state-owned press outlet Montsame, the Bank of Mongolia on Friday issued its first-ever digital currency license to Mobifinance – which is the fintech arm of Mobicom, the largest mobile phone provider in the country.
Зөвхөн Мобикомын хэрэглэгчид ашиглах боломжтой байсан Candy өдгөө Монгол орон даяар аль ч операторын хэрэглэгч ашиглах боломжтой болж Үндэсний төлбөрийн системд цоо шинэ төлбөрийн хэрэгсэл болон “мэндэлж” байна. https://t.co/fvKfeFze4s @CandyMGL @Mongolbank_mn pic.twitter.com/MAjrvn5Nwf
— MobiCom (@MobicomOfficial) September 28, 2018
The virtual currency owned by Mobicom is dubbed “Candy” and is now licensed as a state-approved financial instrument whose value is pegged to Mongolia’s first currency, the tugrik.
Previously, the mobile phone provider had only been authorized to issue the token to its mobile customers through a wallet app that is called Candy Pay. Using the app, customers could send funds to or from their bank, as well as pay bills, shop online at select retailers (within the app), and transfer funds to other users.
The CEO of Mobicom has confirmed the new bill that will be put to action beginning on October 1st, stating:
“As digital currencies have begun to circulate, ATMs and cards will become a thing of the past as well.”
According to the official report, the central bank officials said that at least one other company so far submitted an application for a cryptocurrency license issued under the new legislation.
The Russian Parliament Pushed Back On Its Crypto Regulation Bill Reading
‘’In most countries, cryptocurrency is not a means of settlement. The Central Bank of the Russian Federation believes that cryptocurrencies cannot be a means of payment, settlement or store of value. These currencies are not secured by anything.’’Russia has minimal progress on the crypto regulation question. The central bank of the country has refused to get into cryptocurrencies or even recognize them as a mean of payment after the head of bank Elvira Nabiullina had a pretty contradictory stance on ICO fundraising calling it ‘’efficient.’’ According to the Russian media outlets, the delay of the crypto bill draft reading was initially proposed by the head of the Duma’s Financial Market Committee Anatoly Aksakov. He didn’t explain why he wanted to postpone the reading so it will be remembered that the committee recommended that the bill could be adopted after removing the previously mentioned terms above such as digital currency or cryptocurrency. The initial draft bill aimed to create a better framework for regulating digital assets which were described as cryptocurrencies and tokens but more importantly provided a legal basis for smart contracts and their validity. The draft bill was set to recognize the minimal difference between cryptocurrencies and tokens and to make a plan to recognize the digital assets as property in Russia. The bill is extremely broad and non-specified because it was not discussed about it nor there was a change to provide legalization and improved regulation on crypto assets. Under the bill, all of the rights regarding cryptocurrencies will be transferred to the equity securities context.
Leader Suspect In Billion Dollar Laundering Via Crypto Is Seeking Extradition To Russia
‘’FinCEN acted in coordination with law enforcement’s seizure of BTC-e and Vinnik’s arrest. The Internal Revenue Service-Criminal Investigation Division, Federal Bureau of Investigation, United States Secret Service, and Homeland Security Investigations conducted the criminal investigation.’’Since he was arrested, Vinnik pleaded innocence and said that his biggest mistake was working for the BTC exchange platform. He is also believed to be involved in the Mt.Gox stolen funds scheme. The FinCEN report shows that via the BTC-e platform, more than $120 million were laundered and were connected with the now defunct platform. Vinnik is asking to be extradited to Russia after the Commissioner for Human Rights, Tatyana Nikolayevna Moskalkova asked for help from the United Nations High Commissioner for Human Rights Michelle Bachelet with the goal to take him to Russia. Tatyana claimed that Vinnik lost nearly 30% of his weight and that he needs to be with his wife who is suffering from brain cancer. In the U.S Vinnik was indicted on 21 counts and in Russia, he is only accused of smaller fraud charges that can be paid for about 10.000 Euros. The Greek court in 2017 approved Vinnik’s extradition to Russia but later another court decided to give him extradition to the United States. Later, the Greek Supreme Court ruled that Vinnik should be extradited to France so a clear decision has not been delivered yet.
Crypto Law Consultation Period Officially Started By The Swiss Federal Council
Mexico: New Crypto Regulations Could Shake The Country’s Exchanges
"If there are no Mexican-based exchanges, Mexicans will inevitably use exchanges based in other jurisdictions. Some of these foreign exchanges may be sensibly regulated by more forward-looking governments, but others may be rogue operations that deliberately evade any regulatory jurisdiction,""The average person has no idea how a car works, and yet people are allowed to drive them," the statement said. Bexico's proposals are subject to a 60-day consultation period during which a lot of things may change. Right now, industry officials and public members should outline their opinions on the case.
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