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.
Crypto Exchanges In Bulgaria Are Investigated: Government Asks For 10% On Profits
Accounts Of The First Digital Bank In India Closed After Involving In Crypto-Related Activity
“I've been a user of DBS' Digibank for a year. Although I regularly used Kotak Mahindra Bank for my cryptocurrency transactions, I used Digibank only 7 times throughout the year. On January 14th, I received multiple messages from my twitter [sic] followers regarding an account closure notice by Digibank. I checked my mailbox and found the mail myself.”However, Digibank stated:
“Reserve Bank of India through their public notices have warned/advised the public regarding risks associated with virtual currencies. We reiterated the same vide our emails dated 4th May 2018 and 2nd Aug 2019, cautioning our account holders [against] the risks associated [...] and that DBS accounts and debit cards should not be used for their purchase or any kind of dealings.”Many other users responded to the allegations that not only Digibank but many other banks are doing the same as well.
BitMex Pulls The Plug On Trading Accounts In Quebec And The US
‘’The development comes at the same time as the Hong Kong-based company notifying users in North Korea, Iran, Syria, Cuba, Sudan and Sevastopol in the Crimea since the fourth quarter of 2018 against holding positions or trading on BitMEX, as these are restricted jurisdictions.’’It seems like BitMex only wants to cover its back and provide protection for their users against regulatory crackdowns. However, the exchange decided to pull the plug on the trading accounts after the Canadian regulatory body has announced the BitMex is operating illegally in Canada:
‘’BitMEX is not registered with the AMF and is therefore not authorized to have activities in the province of Quebec. We informed this company that its activities were illegal.’’There is still no explanation why the exchange decided to shut down the trading accounts in the US. Many believe that the exchange does so because of the same strict crypto regulations. We are still expecting a comment from BitMex since it seems like there is almost a billion dollars worth of crypto still on the platform.
The Revenue Agency Of Bulgaria Will Investigate Crypto-Selling Companies
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