- Members of the IOG team traveled to Mongolia to meet the growing community.
- The goal of the trip was to build connections throughout the Mongolian ecosystem.
- The country has felt the vast growth of cryptocurrency.
During the visit, the Input Output Global (IOG) team met with representatives from a number of local organizations including the University of Mongolia, the Mongolian Blockchain Association, and a number of local startups. The goal of the trip was to build connections throughout the Mongolian ecosystem and learn more about the needs of the community.
Surprisingly, months later Ulaanbaatar (the capital city) has led the country to a home of a large number of cryptocurrency enthusiasts. The team report suggests that in recent years everyone has switched their interest in the world of blockchain making the topic explode in the state with multiple exchanges such as Cardano(ADA) already set up.
According to the report, the population of Mongolia is currently over 3 Million, the country, however, has felt the vast growth of cryptocurrency, especially among youngsters which is a positive movement in mainstream adoption. With 50 percent of the population being young people, It is no question that more than half of the total inhabitants expect something in the future.
According to IOHK, 95 percent of Mongolian hermits or otherwise nomads have smartphones which suggests a high possibility of technology penetration in the area. This is a very important part of IOG’s strategy to focus on education and outreach in order to bring about real change in the way that people interact with their finances. The team is working hard to ensure that everyone has access to the same financial opportunities, regardless of their location or background.
With the global rise of Web 3.0, educated youth driving digital transformation, and an internal push for developing non-mining related sectors, Mongolia has made concrete steps forward in leveling up its game in the digital business sector.
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