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 ฿ MONGOLIA’S CRYPTO ECOSYSTEM

Cryptocurrency and blockchain technology have attracted much interest and speculation in Mongolia in recent years. Here are some of the key components and stakeholders of the crypto industry.

Crypto asset exchanges

More than 20 cryptocurrency exchanges operated in Mongolia at the peak of the crypto market in 2021. However, a recent regulatory reform reduced that number to 12. These exchanges offer 24/7 trading and immediacy, and list 41 domestic and 170 international coins and tokens. The average daily trading volume across all exchanges is ₮410 million ($1.5 million).

Cryptocurrencies

There has been a trend of issuing speculative coins and tokens among Mongolians. The market value of cryptocurrencies has exceeded ₮380 billion, and cryptocurrency exchanges have reached 850,000 customers. In the past 24 hours, IHC (IHC) was the most traded coin, falling 10.3%. Other coins such as TRD (TRD) and SPC (SPC) were also actively traded.

Regulatory environment

The Ministry of Digital Development and Communications, the Financial Regulatory Commission (FRC), and Mongolian banks are leading the regulation of the cryptocurrency market. The parliament approved the Virtual Asset Service Providers (VASPs) Act, and the FRC has started officially registering the exchanges.

Metaverse

The global metaverse market is expected to grow from $65.5 billion in 2022 to $936.6 billion by 2030. In Mongolia, social networks like Guyuk and Metaland are using the metaverse to create virtual worlds where people can socialize, shop and play. This market is poised for significant growth in the coming years.

In a nutshell

The crypto industry is a small yet much adored part of the Mongolian economy. It has seen significant developments compared with a few years ago. These include the passage of a law on VASPs, the establishment of numerous crypto asset exchanges, and the development of information channels about the market. With the right support and regulations, the crypto industry poses a leapfrogging opportunity on governance, finance and economic policies for Mongolia.

📈 DATA STORY: WORLD ECONOMIC GROWTH

The World Bank has cut its forecast for global economic growth this year to 2.1%, down from 3.1% in 2022, and warned of rising financial risks.

Developed economies will bear the brunt of the slowdown, with growth dropping from 2.6% to 0.7%, and remaining weak in 2024. China’s recovery will help cushion the impact of the global slowdown on low- and middle-income countries, which will grow by 3.9% this year, slightly slower than the 4.8% growth in 2022. Following the trend, Mongolia will see its growth pick up in the coming years, boosted by mining exports to China.

The World Bank cautioned that the world faces financial instability from a series of bank failures and sovereign debt problems. It urged countries to reduce their debt burdens and mitigate risks.

 🧐 YOUTH: LACK OF CONFIDENCE

How much do Mongolia’s high school students, who make up 5.5% of the population, care about politics? A survey by Zorig Foundation, a youth-focused NGO, reveals their political understanding and attitudes.

The survey, conducted as part of the foundation’s Young Leadership Programme, involved 1,146 students aged between 15 and 18.

Are teens interested in politics?

Only 19.4% of respondents said they were very interested in politics in general. The survey showed that students’ interest in politics tended to increase with age.

• Influencers: Parents had the biggest role in shaping students’ political opinions. 71% of students had some kind of political conversation with their parents, while only 55% had ever had a political conversation with their teacher. This suggests that parents are more likely to talk to their children about politics than teachers.

• Will they participate in the elections? 74% of respondents said they would participate in the election and vote if they were of voting age, while 10% said no and 15% did not know. However, 18.9% of respondents saw the election as a competition for wealthy people. This indicates that a notable number of young people believe that the political system is rigged in favour of the wealthy and that their votes do not matter.

No confidence

Furthermore, the current political landscape has led students to lose hope for the country’s future. 54% of respondents said they had little or no confidence in Mongolia’s future, 36% had moderate confidence, and only 10% had complete confidence. They identified corruption and the quality of the education system as primary issues.

Despite the weak interest in politics and uncertainty about the future, 97.3% of students expressed an interest in learning more about politics. Additionally, 91% said they would do volunteer work to bring positive change to society if they got a chance.

🏃 QUICK STORIES

🔵 Mongolian Prime Minister L. Oyun-Erdene and Tesla CEO Elon Musk discussed investment and cooperation in the electric vehicle industry. During the virtual meeting, Oyun-Erdene expressed his commitment to creating a favourable tax and legal environment to attract Tesla to the country. On top of that, the government announced its decision to form a working group to promote the use of EVs.

🔵 Mongolia's coal exports to China surged by 107% at the end of May. According to official data, Mongolia exported a total of 1.134 million tonnes of coal to China during the last week of May, marking a 107% increase compared to the previous year. It reveals that Mongolia has delivered a total of 24 million tonnes of coal to China so far this year, representing a threefold increase year on year.

🔵 BID Exceeds Subscription Goal, Raises 8 Billion Tugriks in Successful Inaugural Bond Sale. The latest Mongolian non-bank financial institution (NBFI) to launch its debt instrument on the Mongolian Security Exchange has successfully achieved its subscription goal by raising ₮8 billion from 127 subscriptions in its inaugural public bond sale. The company commenced the issuance of 80,000 bonds last week, valued ₮100,000 apiece, presenting investors with an annual coupon rate of 18.5%.

🔵 The 2023 ICT Expo concludes with a gathering of over 150,000 attendees. This edition of Mongolia's largest gathering for communication and information technology, themed Mindgolia or Knowledge-Based Economy, has aimed to highlight and strengthen the advancements and achievements of Mongolia's e-transition. According to ICT Expo, the four-day event attracted 1,000 guests, representatives, speakers and panellists.

⭐ WATCH: Why 99.7% of Mongolia is Completely EMPTY

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Editor: E.Zolbayar
Writer: A.Purevjargal & & A.Bilguun

Disclaimer: The information Inside Mongolia provides is for educational and informational purposes only. It is not intended to be and does not constitute financial advice, trading advice, or any other advice. The decision whether to consider the information we provide is solely our readers' independent decision.