Mongolia’s largest mobile telecoms operator has become the country’s first licensed entity to issue its own digital currency.

Mobicom’s financial arm Mobifinance is now clear to issue the e-currency, dubbed “Candy,” to investors. The executives have received formal permission at a ceremonial event at the Bank of Mongolia’s headquarters on Friday.

Commenting on the achievement, which comes around five months after the central bank approved formal digital currency regulation, Mobicom CEO Tatsuya Hamada noted that digital currency will push ATMs and cards to edge’.

.According to the plans for digital currency put forward by the central bank in April, “regulation defines who will participate in digital currency system and how, process of getting permission, rights and duties of customers and service providers.’ It also expected to support further development of FinTech technology and payment system.

Candy already exists as an entire ecosystem for Mongolian consumers, who can use the digital currency to pay for various goods and services with a range of businesses.