Mongolia, bordered by China and Russia, is renowned for its vast, pristine landscapes and nomadic lifestyle. It's also one of the world's most hospitable nations. But what currency does Mongolia use? Here's a comprehensive guide to Mongolia's monetary system.
Mongolia's Official Currency: The Tögrög (Tugrik)
The official currency of Mongolia is the Tögrög (also spelled Tugrik). It comes in the following denominations:
Banknotes:
- 1, 3, 5, 10, 20, 50, 100, 500, 1,000, 5,000, and 10,000 Tögrög
Coins:
- Smaller denominations (now primarily collectibles)
Currency Regulations:
- Import/export limit: 815 Tögrög (or equivalent in foreign currency)
A Brief History of the Tögrög
- 1928: The Tögrög replaced the Mongolian Dollar as the sole legal tender.
- Mongo Subunits: The Mongo (1/100 Tögrög) was discontinued due to low value.
- 2010: The Tögrög appreciated by 15% against the USD, marking its highest historical gain.
Cryptocurrencies in Mongolia: ArdCoin and Beyond
In January 2019, Ard Financial Group launched Mongolia’s first cryptocurrency:
👉 ArdCoin: Mongolia’s Crypto Revolution
Key Features:
- Tradable for Tögrög, USD, or other cryptocurrencies (e.g., Bitcoin, Ethereum).
- Enables financial access for Mongolians abroad.
- Adoption: ~500,000 holders (1 in 6 Mongolians), with 600,000 active traders at peak.
Cryptocurrency Trends and Cultural Impact
- Holiday Effect: Investment dips during cash-heavy holidays (e.g., Tsagaan Sar/Lunar New Year, Valentine’s Day).
- Pandemic Shift: Suspended holidays (2020–2021) led to increased crypto activity.
- 2022 Recovery: Traditional holidays resumed, causing another investment decline.
FAQs About Mongolia’s Currency
1. Can I use USD or EUR in Mongolia?
While some businesses accept foreign currencies, the Tögrög is preferred. Exchange rates are favorable at local banks.
2. How does ArdCoin compare to Bitcoin?
ArdCoin is centralized (backed by Ard Financial) and focuses on domestic utility, unlike Bitcoin’s decentralized global network.
3. Are there ATMs for cryptocurrencies in Mongolia?
Yes! Ulaanbaatar hosts crypto ATMs for ArdCoin and major cryptocurrencies.
4. What’s the future of crypto in Mongolia?
With high adoption rates and government-backed initiatives like ArdCoin’s National Trading Platform, Mongolia is poised to become a regional crypto hub.
Final Thoughts
- Official Currency: Tögrög (Tugrik), circulating since 1928.
- Cryptocurrency: ArdCoin (2019) bridges traditional finance and digital assets.
- Cultural Nuances: Holidays and economic shifts directly influence crypto markets.
Whether you’re exchanging cash or exploring blockchain innovations, Mongolia offers a unique blend of tradition and modernity in its financial landscape.
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