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Mongolia Wants to Learn From Bithumb

Tim Alper
Last updated: | 1 min read

High-ranking Mongolian government officials and business leaders have paid a visit to the offices of Bithumb, one of South Korea’s leading cryptocurrency exchanges.

Source: iStock/SeppFriedhuber

South Korean news agency Yonhap claims Mongolia is looking to get involved in the blockchain and cryptocurrency sectors as part of a concerted effort to revitalize the country’s solar energy industry.

A Mongolian delegation comprising at least one cabinet minister, ministerial advisors, a leading IT policy chief and the vice president of a large, state-owned company visited Bithumb’s headquarters and consultancy center in Seoul’s Gangnam district on August 16.

Yonhap says the delegation was keen to learn about cryptocurrency remittance and payment options that make use of blockchain technology. The visit was reportedly organized at the request of the Mongolian government.

Yonhap quotes a Bithumb official as saying that it is still too early to talk about a possible Bithumb Mongolia franchise or striking a business agreement with the Central Asian nation. The official called the visit a “benchmarking” trip, and stated, “The Mongolian government has asked us to share our past experiences about exchange-related matters.”

The past few months, however, have seen a flurry of cryptocurrency-related activities in Mongolia. The government recently granted the National Blockchain Digital Assets Exchange an official operating license. The platform has been slated to launch sometime in August.

Earlier this year, Tron CEO Justin Sun claimed that his company’s token was set to be listed on IDAX, a Mongolian exchange that has also reportedly received parliamentary and central bank approval. IDAX operates out of the Global Blockchain Research Center’s huge Ulaanbaatar-based industrial complex, which comprises some 50,000sqm of cryptocurrency mining facilities.

Mongolia GDP, Billion USD:

Source: World Bank

Mongolia population, Million:

Source: World Bank