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The Bank of Mongolia (BOM) has reportedly included central bank digital currency (CBDC) experiments in its 2023 monetary policy agenda. It has already  established a working group and preliminary research has begun, with priority CBDC design questions including the degree of anonymity, whether to impose caps on holdings, whether it should bear interest, and can it be used to mitigate money laundering and terrorist financing? The story is plausible because back in September, 2022, the IMF reported that the BOM was one of the Asia-Pacific central banks that were exploring CBDC issuance.

"The Inner Mongolia Development and Reformation Commission issued a proposal that outlined eight areas that could be deemed as illegal that relate to crypto mining activities. Any corporation or individual found engaging in crypto mining activities could also put onto China's Social Credit Dishonesty List, which would bar them from "social" activities such as getting banked, booking air or train tickets, among other activities."

Chinese authorities continue to crack down on crypto-asset mining as a authorities in Ya'an City, a prefecture-level city in the western part of Sichuan province, have reportedly ordered local Bitcoin mining operations to shut down for examination. The latest regulatory crackdown follows a series of reported crypto mining bans in other regions including Yunnan province, another major hydropower-based mining hub. Authorities in Xinjiang, Inner Mongolia and Qinghai have also ordered mining operations to shutter.

Terra announced its stablecoin issuance protocol would act as Mongolian messaging app memeChat's new financial backbone. That app, which has attracted 50,000 users since its March launch, now features the Terra-backed memePay payment service as well.