Governor of BoM makes a statement on cryptocurrency

The American Chamber of Commerce in Mongolia

2018-01-08 10:01 GMT+8

Reports suggest that there are number of Mongolians going into debt to buy cryptocurrency.

Governor of the Bank of Mongolia N. Bayartsaikhan has stated, “Cryptocurrency is an independent digital payment asset that is not controlled by central banks.

The Bank of Mongolia states that it will not recognize cryptocurrency as an official currency. Central banks are the only institutions with the right to issue currency.

The official legal currency issued by the BoM is the tugrug. A BoM working group has studied the risks of cryptocurrency, and we warn against buying cryptocurrency as an investment. When buying cryptocurrency, we encourage you to consider all the risks and to be careful.

If other countries’ government agencies regulate cryptocurrency, the value of cryptocurrencies such as bitcoin are likely to drop rapidly. The BoM has stated its position on this matter a few times."

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