Bitcoin, created in 2009, was the first decentralized crypto currency. However, it is considered to be very slow, which makes trading difficult. A faster crypto currency has been introduced: Toscoin was officially launched at a business meeting of crypto currencies and block chain developers in Ulaanbaatar on 20 March. Toscoin is 10 times faster than Bitcoin.

During the meeting, five countries, namely, Japan, Russia, China, South Korea and Mongolia established the Asian Crypto Currency Federation during the meeting. Former sumo wrestler ‘Kyokushuzan’ D.Batbayar has elected as president of the Asian Crypto Currency Federation.