The administration of the Ulan Bator began to cooperate with Terra Blockchain to replace existing payment methods for utility services and government payments by payment system based on Stelkin.
The South Korean cryptocurrency startup specializing in the provision of instantaneous transfer services and lending will be involved in the development of a pilot program for the next six months. Initially, an innovative payment decision will be launched in the Nalaikh district, and then it will be scaled to the entire Ulan Bator.
The pilot program starts with two main functions: peer-to-peer payments that allow instant transfers between users of different banks, and mobile payments to create an infrastructure for safe contactless payment. Terra will cooperate with local authorities to integrate their own stelume in the internal systems of government calculations.
The initiative is carried out within the framework of the National Program for the Development of Economics and Growth. The monitoring of the implementation process will be engaged in a special task force in which representatives of the district administration and FINTEH-company XGround will be included.
This is no longer the first cryptocurrency initiative in the country. Previously, Mongolia Bank allowed the local mobile operator to launch his own virtual currency.
While Mongolia contributes to the development of crypto industry, neighboring China continues to tighten the regulation. Recently there were