- Cryptocurrency services in Mongolia to become a reality soon.
- Trade and Development Bank of Mongolia partners Hexland and Delio.
- Collaborative efforts to bring cryptocurrency services in Mongolia through blockchain.
Developing countries are quickly jumping onto the blockchain and cryptocurrency bandwagon in the post-COVID-19 world, recently Cambodia launched their central bank digital currency platform and now Mongolia is gearing up. Mongolia has been in discussion with tech firms slowly but surely is making its mark to keep up with the latest digital financial industry. Its largest banking institution is expected to facilitate loans, deposits, remittance, and assets management soon.
Based in Ulaanbaatar, Trade and Development Bank of Mongolia (TDB) intent to collaborate with the blockchain specialist “Hexland” and white label tech firm “Delio” to bring the project to life. With over 50 branches across the country, the bank is looking forward to applying crypto aspects to all its processes.
Cryptocurrency services in Mongolia: What to expect?
MDKI, a blockchain company partnered with crypto expert Bitfury is also said to have been part of the agreement as per media reports. TDB bank’s client base mainly includes industrial business. The oldest bank in the country, now focused on bringing cryptocurrency services in Mongolia, has more than 400 companies up its sleeve and offers them a wide variety of financial services.
Hexland is a blockchain expert focused on providing highly reliable and secure solutions in areas of smart contracts, e-wallets, and data authentication. Yet to finalized an inception date, an anonymous Delio official commented about the project’s implementation plan being in place to dive into the digital financial market.
Ulaanbaatar administration has been working since 2019 with “Terra” a Korean blockchain enterprise looking into the possibility of converting conventional payment methods for utilities and subsidies to digitally enhanced Terra stablecoin.
Studying the crypto developments and promising future ahead, in 2018, Mongolia’s top mobile telecom operator was licensed to issue its distinct crypto currency.