Cardano Signs an MOU with Mongolian Fintech Association to Foster Blockchain Development


  • IOHK signs MoU with Mongolian Blockchain Technology & Cryptocurrency Association and Mongolian Fintech Association
  • “We’re not slowing down, we’re speeding up” – Charles Hoskinson

    Cardano team has been constantly pushing for the adoption of blockchain in developing countries. After putting relentless efforts in Africa, Cardano has now announced an MoU deal in Mongolia.

This new development has been shared on Twitter where it has been revealed that Input Output Hong Kong (IOHK) has signed an MoU with Mongolian Blockchain Technology and Cryptocurrency Association and Mongolian Fintech Association.

Announced at the Frontier Blockchain Summit in Mongolia, the 2nd day of this summit was kicked off by Damdin Tsogtbaatar, Mongolia’s Foreign Affairs minister.

Inked during the three days summit, this MoU is to help implement and further foster the development of blockchain project development in the country.

Traceability Program In Pharma

The talks between Cardano and Mongolia has been going for quite some time now as back in September last year, Charles Hoskinson, the CEO of IOHK and founder of Cardano (ADA) has been contacting Mr. Tsogtbaatar in closed-door meetings to introduce blockchain technology in the country’s public and private sector.

Recently, Hoskinson had shared that he is in Mongolia for another meeting with the minister, stating,

“We’re not slowing down, we’re speeding up. I’m in Mongolia, not for vacation, we’re meeting with ministers and we’ll probably have a meeting with the President (of the country).”

He had further shared how these meetings involved discussions on issues like adulterated drugs and a traceability program for the same. This might be where Cardano blockchain will come into the picture.

“We’re going to talk about problems like 18% of the medicine (in Mongolia) is counterfeited or adulterated and 40% in the rural areas is counterfeited or adulterated. So how do you put a traceability program like what pharma trust has done.”

“We’re talking about the fact that 93% of the people here have some access to mobile banking and 30% receive government disbursements, (but at) enormous costs.”

“There May Now Be More Fakes Than Real Drugs In The Market”

The market for counterfeit pharmaceuticals is growing at a rapid pace with revenues from global illegal counterfeit drug trade could be large as $200 billion per year. This industry is highly profitable with the market for counterfeit drugs involving manufacturing and selling being 10-25 times more profitable than opioid trafficking.

According to anti-counterfeiting and piracy coordinator at the World Customs Organization, Christophe Zimmermann,

“there may now be more fakes than real drugs in the market.”

Mongolia has already taken a step in this regard as the government of the country formed a partnership with London-based startup FarmaTrust for a one-year pilot to prevent production and distribution of counterfeit drugs using blockchain.

Now, the Mongolian government has joined hands with Cardano, though no further information about the deal is revealed yet, the Cardano community is optimistic and excited.

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