With the inclusion of the central bank digital currency (CBDC) experiment in the 2023 monetary policy agenda, the Central Bank of Mongolia (BOM) is entering the global CBDC competition. They have already formed a dedicated working group and initiated preliminary research. The BOM is particularly focused on exploring the following design aspects:
- Privacy: To what extent should CBDC transactions be private?
- Interest Generation: Should CBDC have the capacity to earn interest?
- Account Limits: Should there be restrictions on individual CBDC holdings?
- Anti-Money Laundering Measures: Can CBDC be employed for monitoring and preventing money laundering and the financing of terrorism?”
There are no further updates available to the public on the current status yet.
Source:
https://insidemongolia.beehiiv.com/p/mongolia-joins-cbdc-race-tugrik-weakening-november-politics