Mongolia is a crypto-friendly country

YOSHIE

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Quote from: Emily Perkins on October 30, 2020, 07:43:28 AM

Mongolia's largest bank (TDB) starts to offer crypto-related services like custody, loans,deposits and crypto-asset management. Very good news for adoption.

When I read the title I thought there was something interesting to read about crypto in Mongolia's, for me it's no wonder that Mongolia is crypto friendly.
They can see some of the best examples in Russia, because they are neighbors, and anyway Mongolian society's majority democratic & Buddhist.

Even if you think that Mongolia is naturally friendly to crypto when compared to the population in general, there are more livestock than the population and also they move every year, I think crypto is the best alternative for them.

Darker45

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I understand that Mongolia slowly integrating cryptocurrency in their development steps is a not a huge news to a lot. I mean, that's just Mongolia, after all, a sort of a hermit country mostly unheard of apart from Eastern history books. Hell, is there even a country as Mongolia?

But sometimes it's the small underdeveloped country like Mongolia which does not show a lot of unnecessary fuss over a new neutral innovation. That's very much unlike the suspecting treatment from a lot of developed yet seemingly insecure countries.

It's certainly a most welcome news that the largest bank of a country is embracing rather than resisting crypto.

crwth

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I know someone from Ulaanbataar, and I met him through online groups as well, and he said that it's on its way to development for the financial systems and payment channels all over Mongolia. It's probably going to be sooner than later. The developments of different countries with their personal CBDC's are quite the trend now, and I think it will push through.

uneng

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Quote from: Findingnemo on November 01, 2020, 10:55:37 AM

Don't forget to add the source of the news.

https://cointelegraph.com/news/mongolia-s-largest-bank-to-offer-crypto-related-services

But you forget to add the word soon to it, so it means they decided to offer such services but they are not yet offering anything maybe in future they will.And also in the article posted on in cointelegraph they are talking about their own CBDC not anything bitcoin or other decentralized cryptos.

That is good news for crypto currency adoption in Mongolia. This TDB bank is the second biggest one in terms of assets in Mongolia and works directly with industrial clients. It means they can bring big money to crypto universe, as they are real big investors and not just ordinary citizens who will pay bills with crypto currency.
Mongolia has showed expressive interest for crypto currency since 2018 already and they are going deeper into this as the time goes by.

Theb

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Quote from: LeGaulois on November 05, 2020, 09:55:01 AM

Only 1 bank and you call this a "crypto-friendly country"?
Just because one bank is going to offer some crypto-oriented services doesn't make the whole country friendly.

This might be the case if, for example, laws were to be created to encourage the growth of the activity, allowing companies from different areas to establish their business in the country and/or favoring the use for citizens in the uses. Helping businesses to get established, giving them resources, reducing taxes, or other things.
If 1 company is enough I guess there are thousands of countries we could call friendly about the cryptocurrencies industry.

It's like if you say the country is crypto-friendly because it created a tax for citizens on their capital gains lol.
It may be a start but I wouldn't call it "friendly"

I think the argument here will be the true definition of a "crypto-friendly" country because for me and I think for some the basis for a crypto-friendly country is whether or not that country with its laws is open or at least neutral on accepting cryptocurrencies in their country whether it is a form of payment or some kind of special industry helping their country, but at the end people have other definitions about countries being "crypto-friendly". That's why if you search for articles about crypto-friendly countries you will see different countries. We have countries such as Switzerland and Malta that are classified as crypto-friendly but specializes on the finance side of things while there are crypto-friendly countries like Japan, Singapore, and Korea but they are known to accept cryptocurrencies as a payment method.

LeGaulois

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When you say it's a win-win situation for them. Who is defined as them?

1) The banks? Since they will make money offering services. You can guess they're not going to do this for free.
2) The government since/if there is a tax on capital gains. If not they will create one asap, and make another revenue
3) The citizens? It's not really a win-win situation for them. Did we need cryptos banks all these previous years? No that didn't stop us from buying and selling cryptos (Years ago we didn't even have 50 exchanges online (now there're so many)). So a crypto bank doesn't exactly bring something new and useful. It is only useful for either banks or the government.

@mich

Surely not a lot since ~30% lives under the poverty line. They surely have more important priorities

mich

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Mongolia is a very small nation with only 3.3m people and I wonder how many of them use Crypto.
https://www.worldometers.info/world-population/mongolia-population/#:~:text=Mongolia%202020%20population%20is%20estimated,5%20people%20per%20mi2).

If another Asian country accepts Crypto friendly (like South Korea) then I believe it will make a bigger difference.

TravelMug

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Quote from: LeGaulois on November 05, 2020, 09:55:01 AM

[..snip..]

Yes, probably just another click bait article and over-exaggeration to look like a small country like Mongolia is trying to be a crypto friendly wherein it was just one bank who is offering this kind of services.

But in any case, if such small country started to see crypto as another vehicle for them to make more money, then I will say this is a win-win situation for their people. As they might not be left behind when crypto revolution, who has just started in the last 10 years will be disrupting the world as far as financials and banking system.

LeGaulois

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Only 1 bank and you call this a "crypto-friendly country"?
Just because one bank is going to offer some crypto-oriented services doesn't make the whole country friendly.

This might be the case if, for example, laws were to be created to encourage the growth of the activity, allowing companies from different areas to establish their business in the country and/or favoring the use for citizens in the uses. Helping businesses to get established, giving them resources, reducing taxes, or other things.
If 1 company is enough I guess there are thousands of countries we could call friendly about the cryptocurrencies industry.

It's like if you say the country is crypto-friendly because it created a tax for citizens on their capital gains lol.
It may be a start but I wouldn't call it "friendly"

aioc

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They are on it since 2018 in fact

Mongolia: Central Bank Gives Permission to Issue First Digital Currency

But what happen to that article there is no additional article if they push through with their plans Mongolia is a quiet country that's making progress on the adoption, I've checked the local board here and there's no Mongolia local board here, I hope we have active Mongolian members and they set up their own local board, things are looking interesting on that side of the world in terms of Cryptocurrency adoption.

Findingnemo

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Don't forget to add the source of the news.

https://cointelegraph.com/news/mongolia-s-largest-bank-to-offer-crypto-related-services

But you forget to add the word soon to it, so it means they decided to offer such services but they are not yet offering anything maybe in future they will.And also in the article posted on in cointelegraph they are talking about their own CBDC not anything bitcoin or other decentralized cryptos.

Saisher

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Quote from: Emily Perkins on October 30, 2020, 07:43:28 AM

Mongolia's largest bank (TDB) starts to offer crypto-related services like custody, loans,deposits and crypto-asset management. Very good news for adoption.

I am not aware that Mongolia is a Crypto friendly country it escape our radar, it is indeed very good news for adoption in that quiet region but please post the link on the article where it is written, so we can have the right infromation, Mongolia is a very quiet region but big enough for a lot of suprises.

Emily Perkins

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Mongolia's largest bank (TDB) starts to offer crypto-related services like custody, loans,deposits and crypto-asset management. Very good news for adoption.

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