|“Doing business with Mongolia”, “UK Investors show” бизнес хөтөлбөр March 27-April 02. 2019 ЛОНДОН ХОТ, ИХ БРИТАНИ||Mongolian Business Database||London UK|
|SYMPOSIUM ON GLOBAL MARKETS Nationalism and Protectionism: The United States in the International Arena June 17-18, 2019 The Center for American and International Law Plano, Texas, USA||The Center for American and International Law (CAILAW)||Plano Texas June 17-18 2019|
|"Open to Export" ICC WTO International business award||ICC WTO||London|
San Francisco (CNN)Bitcoin may be the most popular form of digital currency but it's far from the only one.
In fact, about 1,500 other cryptocurrencies have emerged since the creation of bitcoin in 2009. And they fall into buckets like stable coins and tokens.
Coupled with the lack of clear regulations or oversight and how new the space is, it's enough to leave any crypto newcomer completely confused.
Crypto is valued by investors because it's not regulated by any central figure. It's also exchanged pseudonymously, which allows for greater privacy.
While it was originally used for illicit transactions, it's gained wider adoption. Even companies like Overstock and Starbucks have started experimenting with how to let customers use it to shop.
Investing in crypto is still risky and volatile -- let's recall bitcoin's infamous rise in value to $20,000 late last year and its current price of under $5,000.
Because of this, knowing the core differences is worth your time.
Coins vs. Tokens
First, you'll want to know the difference between coins and tokens. Coins are essentially virtual cash used for many types of transactions. They're bought and sold over numerous different crypto exchanges, including Coinbase, bitbuy.ca and Binance. The first recorded bitcoin transaction was for two pizzas.
Tokens represent assets or anything that has value ascribed to it. For example, tokens can be used to represent things like the ownership of a piece of art or the number of rewards points a customer has in a company's loyalty program. They both have value and rely on blockchain technology, a digital ledger of transactions that can't be erased. But a coin is virtual money and a token is not.
Bitcoin and Alt Coins
Bitcoin was the original form of cryptocurrency -- and it's the coin others are compared to.
"Bitcoin is the mother crypto," said Marshall Hayner, founder of Metal Pay, an app that's much like Venmo for crypto.
Not surprisingly, its emergence sparked the rise of copycats, including alternative coins like litecoin, XRP and ether.
Ether is used to power its own unique blockchain called Ethereum -- one of the biggest creators of smart contracts. These contracts use cryptographic code to verify and trigger transactions when certain conditions are met. For example, a smart contract could be set to pay out a certain amount of crypto at 1:00 p.m. on a specific day.
Another bitcoin alternative is XRP, which was built to make it easier for banks and payment processors to make cross-border payments. It's one of the most popular cryptocurrencies.
There are also obscure alternatives, like dogecoin, which was created as a joke based on a viral meme of a Shiba Inu. The dog's face is displayed on the front of the virtual coin. The currency is commonly used on social media to tip users who post interesting things.
Dogecoin has helped many people learn about and dabble in trading cryptocurrencies because its community tends to not take itself too seriously and is very friendly to new investors.
Stable coins are pegged to actual currencies like the US dollar, the euro or the British pound. That means that one dollar or pound gets you one crypto coin. These coins are designed to mimic actual currencies and tend to be less volatile than other cryptocurrencies.
Tether was one of the first stable coins.
"The idea behind tether is you give a dollar and you get one tether," Hayner said.
But there's still risk, according to Ryan Taylor, CEO of the cryptocurrency Dash. Their value can erode over time similar to fiat currencies like the US dollar.
Other recent stable coins are more transparent. For example, TrueUSD complies with some standard financial regulations and uses escrow accounts.
Utility tokens represent a certain service or good on a specific platform -- kind of like a gift card to a specific store. They aren't really investments but they have value.
Hayner likens them to casino chips: When you go to a casino, you exchange your dollars for chips and then can use those chips to play games. The chips serve a function because they allow you to do something and hold value but you have to exchange them to get actual cash.
Taylor said he was skeptical of most utility tokens because they aren't the best way to interact with users. They require additional steps that make them more complicated to use and that could turn some people off.
However, he noted that they do make it possible to transact in extremely small quantities.
Security tokens are still relatively new. Their value is derived from real-world assets, which could include commodities like gold or oil, shares of a company or interest in a fund. These tokens are meant to be investments and because they're considered securities and subject to federal security regulations.
Some fans of security tokens argue they would ensure greater accountability for companies because shares would be public and couldn't be over-issued.
Both Hayner and Taylor say these tokens are still a ways off from showing up in people's portfolios because of uncertainty around how they'd be regulated.
And according to Stephen Innes, head of trading in Asia Pacific for online trading platform Oanda, security tokens still don't provide enough of a "consistent metric off which to base an underlying investment strategy."
Security tokens, which would be regulated, also go against the very core of what crypto was meant to be -- a deregulated currency. But regulations would be a draw for investors.
Non-fungible tokens have a unique value or use. They can store value but no two tokens are the same.
For example, in the video game CryptoKitties, users can use ether to buy digital cats. The digital kitties can be traded and bred, but each has its own unique non-fungible token that can't be replicated -- kind of like a digital fingerprint.
Future of money?
Digital currency is becoming more mainstream as companies like Starbucks and Goldman Sachs experiment with how to engage with it.
It's unclear whether crypto will be the future of money, but it's volatility isn't helping its case for wider adoption. As values continue to drop and rebound, investors continue to show caution.
"There's a lack of adoption on Wall Street," Innes said. "The big banks that most people are doing business with are reticent to get involved, which I think is telling."
Ulaanbaatar/MONTSAME/ Foreign Affairs Minister D.Tsogtbaatar met Ambassador of the French Republic to Mongolia Philippe Merlin on November 20.
Recalling his successful visit to France last October, Minister D.Tsogtbaatar expressed an interest to collaborate with newly-appointed Ambassador of France in realizing talks agreed to make roadmap of elevating bilateral relations and cooperation into a comprehensive partnership level and implementing projects and programs to attract French investment and technology into agricultural sector.
In turn, Ambassador Philippe Merlin expressed his commitment to work for expanding and elevating bilateral cooperation into a new level and backing projects being implemented with the support of France. The Ambassador also informed about progress of French-invested mining and renewable energy projects.
Ulaanbaatar /MONTSAME/ Minister of Road and Transport Development Ya.Sodbaatar is attending ‘Transport week 2018’ international forum and exhibition taking place in Moscow, Russia at the invitation of his Russian counterpart Ye.I.Dietrich.
On November 19, the Transport Ministers had an official meeting where they exchanged views on wide range of issues on bilateral cooperation in transport sector.
The sides agreed to pay special attention on implementation of development projects and activities which were reflected in the Agreement on Reform of the Ulaanbaatar Railway Joint Venture and Development Strategic Partnership established between the Mongolian Ministry of Road and Transport Development and Russian Railways JSC.
They also highlighted that there is room for development of bilateral cooperation in transport field within multilateral cooperation. In particular, the parties pointed out that validation of Mongolia-Russia-China intergovernmental agreement on International Road Transport along Asian Highway Network last September is giving impetus to mutually beneficial cooperation among the three countries in road and transport sector, creating new opportunities.
Today, Minister Ya.Sodbaatar will attend enlarged session of the forum while visiting the exhibition that promotes activities of Russian companies in transport sector and meeting with O.V.Belozyorov, CEO and Chairman of the Executive Board of Russian Railways JSC.
The China-Mongolia Friendship Cultural Center opened at the Mongol Tuurgatan Theater in central Mongolia's Tuv province on Tuesday, aiming to promote bilateral cooperation and cultural exchanges.
The opening ceremony was attended by Tuv Province Mayor Jigjid Batjargal and Minister Counsellor of the Chinese Embassy in Mongolia Yang Qingdong.
"Mongolia and China are longstanding close and friendly neighbors. Our Tuv province has been cooperating with China's several provinces for decades, including Jilin province," Batjargal said at the ceremony.
He hoped that the center will contribute to bilateral ties and cooperation in the cultural sector.
For his part, Yang said, "I am very happy to attend the event. Since the state visit by Chinese President Xi Jinping to Mongolia in 2014, relations and cooperation between China and Mongolia have been developing rapidly in various areas."
The minister counsel1or expressed his readiness to strengthen ties with Mongolia, especially Tuv province.
Head of the theater Dorjsuren Munkbat also voiced his gratitude to the Chinese Embassy in Mongolia for donating sound equipment worth 20,000 U.S. dollars to the cultural center commissioned in mid-October.
Mongolian Foreign Minister D.Tsogtbaatar held a meeting with Mr. Miroslav Jenča, UN Assistant Secretary-General for Political Affairs on Monday in Ulaanbaatar. The two sides discussed relations between the UN and Mongolia as well as regional issues.
D.Tsogtbaatar explained the importance of Mongolia’s initiatives such as the ‘Ulaanbaatar Dialogue’ for security in Northeast Asia, participation in UN peacekeeping operations and the declaration of the nuclear weapon free status of Mongolia; all of these are aimed contributing to the UN objectives of world peace, security and tackling the problems facing the international cooperation community.
In return, Mr. Miroslav Jenča expressed his appreciation for Mongolia’s contribution to multilateral cooperation in securing stability, peace and mutual trusts in Northeast Asian region. He noted that the, in particular, the UN Political Affairs Department is actively supporting the ‘Ulaanbaatar Dialogue’.
During the meeting, the two sides agreed to co-host a ‘Youth Peace and Security’ seminar in which delegates from Northeast Asia will be invited to Mongolia in 2019.
The world’s largest miner, BHP Billiton, (ASX, NYSE:BHP) (LON:BLT) has officially dropped “Billiton” from the company’s name as part of a $10 million rebranding campaign that seeks to emphasize its Australian roots.
The move means that BHP Billiton and BHP Billiton Plc are now BHP Group and BHP Group Plc respectively. All the tickers, including the ones on the London Stock Exchange and the Johannesburg Stock Exchange will switch to “BHP” on Nov. 23.
The mining giant has used the fresh logo and also its new motto “Think Big”, in place of the old “Resourcing the Future” for almost two years.
The announcement comes on the heels of the Melbourne-based miner announcing it had reached a settlement agreement with the Australian Taxation Office over the transfer pricing dispute relating to its marketing operations in Singapore.
Last year, BHP rolled out a marketing campaign highlighting its new preferred name. It included 30-second television ads, a three-minute online video and a new slogan to facilitate a change that the company said has been in the works for quite a while.
For almost a year and a half, the mining giant has been using the fresh logo and also its new motto “Think Big”, in place of the old “Resourcing the Future.”
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Ulaanbaatar /MONTSAME/ Irkustsk Oblast of the Russian Federation supplied products worth of USD 31 million to Mongolia last year, augmenting its export by 8 percent, reported by V.O.Kozin, representative of the Agricultural Ministry of the region. “Mongolia is the main partner of Irkutsk region and the country makes up 68 percent of export of the region”, he added.
Regarding with ‘Asian Door 2018’ international fair (Ворота в Азию) to be opened today, November 20, industry, trade representatives at the Embassy of Russia held a press conference yesterday.
To be hosted for the 29th time in Mongolia, the Asian Door 2018 fair will be held by Irkutsk Oblast, being participated by business delegates from 5 districts led by Minister of Agriculture of Irkutsk Oblast. "More than 850 Russian companies and entities attended the expo in the past, of which over 20 percent started operating in Mongolia," said A.Sidorov, Director of Business Contact Company of Russia. He also cited Mongolian companies are collaborating with Irkutsk region by exporting foodstuff such as beer, sausage, and frozen buuz.
In addition, at the bilateral business meetings to be held during the expo, the sides will touch upon encountering problems.
Yesterday, 27 Parliament members (MPs) submitted a petition to dissolve the Cabinet of Khurelsukh Ukhnaa.
After the decision of Mongolian People’s Party caucus on ousting the head of caucus Khayankhyarvaa Damdin last week, Mr. Khayankhyarvaa announced to submit the petition on Cabinet dissolution after collecting signatures from MPs.
MPs who signed the petition expressed their apology towards the public for going back on their promise to maintain stability in the Government. Initiated by Mr. Khayankhyarvaa, the petition highlighted six grounds to dissolve the Cabinet, which includes:
• Abuse of power to draw financing from the Small and Medium-sized Enterprises (SME) Development Fund;
• Prime Minister Khurelsukh Ukhnaa announced his inability to work under the Constitution;
• Incited public demonstrations that created serious situation of national security;
• Granted special licenses to foreign nationals;
• Aside from the inability to demand accountability from ministers involved in SME Development Fund scandal, Prime Minister himself became a hostage to them;
• Ignored the President’s repeated recommendation on allocating budget for the development of industrial sector.
“Although he ignored the President’s recommendation, the PM is now demanding the caucus to accept the President’s veto on budget. He further ignored the actions on bringing assets from offshore zone. Moreover, the fact that a public servant murdered inside a State-protected organization and an attempted kidnap from within the territory of Mongolia are also the basis for the PM’s resignation,” remarked Mr. Khayankhyarvaa.
According to the Law on Procedure of Parliament Session, Standing Committee on State Structure must discuss the petition for Cabinet dissolution within 14 working days after submission, which will then be discussed by the Parliament. If the Parliament considers that it is unnecessary to dissolve the Cabinet, ousting of Minister of Education, Culture, Science and Sports could surface. Because the current minister Tsogzolmaa Tsedenbal was one of the MPs that signed the petition. On the other hand, the appointment of Ulaan Chultem as the Minister of Food, Agriculture and Light Industry is in line for discussion at the Parliament. The approval of Cabinet dissolution will annul the appointment.
Putting a new spin on the term “digital nomad,” U.K. addressing platform what3words has partnered with Airbnb to list stays with Mongolian nomads.
The startup’s simplified addressing system is being applied to help adventurous travelers “home share” with Dukha reindeer herders at their mountain camp where there aren’t any street names to anchor a trip.
The partnership is slated as supporting sustainable tourism by helping the tribe tap into a new revenue stream to support its traditional way of life.
Earlier this year, Airbnb signed a Memorandum of Understanding with the Ministry of Environment and Tourism of Mongolia to use home sharing as a route for economic empowerment and community development. “The MOU will see both parties provide hospitality training for current hosts, as well as potential hosts in rural and remote areas, to encourage the adoption of new digital technology for tourism,” they note in a press release today.
The Airbnb listing with the Dukha reindeer herders offers the chance to stay in a teepee in the Taiga forest in Northern Mongolia, with guests getting “two wooden beds, sleeping bags and an open-fire stove for heating and cooking, as well as full access to the reindeer tribe’s backyard.”
So definitely not the usual Airbnb fare.
what3word comes into play as a neat tool because guests are asked to meet the nomadic tribe at a previously communicated three-word address at the edge of the forest.
what3word’s platform chunks the world into 57 trillion 3-by-3 meter squares — each of which has been assigned three words to act as its easier-to-share pinpoint. Using unique combinations of words for geolocation reduces the risk of confusing two similar-sounding street names, for example, and means a location can easily be shared verbally or read at a glance.
After meeting their hosts at the forest edge, guests ascend with them to the mountain to the camp — located at ///evaluate.video.nails — either on reindeer or by horse.
what3words addressing platform used to pinpoint a nomadic tribe’s Airbnb listing in Mongolia
Travelers can then expect to be “immersed in the day-to-day life of the tribe, from herding and milking reindeer to cooking traditional Mongolian dishes and making handicrafts,” they add.
The tribe uses a co-host in an urban location to manage the process of updating their Airbnb listing with a new three-word address, as needed (i.e. when they shift the location of their camp).
Commenting on the partnership in a statement, Cameron Sinclair, social innovation lead at Airbnb, said: “Airbnb is excited to partner with what3words and the Ministry of Environment and Tourism of Mongolia to drive sustainable tourism and economic empowerment, while promoting the unique hospitality and culture so intrinsic to the country.
“In Mongolia, a lack of traditional street addressing and nomadic way of life have prevented locals from welcoming Airbnb guests into their homes. Our partnership delivers an innovative way to provide hosts with an accurate and reliable address while constantly on the move, and creates new livelihood opportunities for nomadic and rural communities in Mongolia and around the world.”
A spokeswoman for what3words confirmed the partnership is limited to Mongolia for now — but added it’s “exploring next steps with Airbnb” in the hopes of expanding the collaboration.
There’s no financial component to the arrangement as yet because what3words is free for individuals to use (so in this case the Dukha reindeer herders).
But the startup does sell b2b licenses for other products, including its API and SDKs — offering optional extras like very large-scale batch conversion of three-word addresses to GPS coordinates or vice versa.
So if Airbnb sees enough value in ramping up offers of alternative tourist experiences on its platform — and in what3words’ three-word address system as the easiest way to grease and thus scale that pipe — it could end up sending something more than a bit of publicity the startup’s way.
That’s clearly what3words’ hope.
“what3words is incredibly useful for guests trying to find their Airbnb — be it in the centre of Madrid, or the on the Mongolian Steppe,” the spokeswoman told us. “We’re already seeing many hosts provide guests with their 3 word address, and we’d love to make the process as seamless as possible.”
One growth headwind for Airbnb’s business could work in what3words’ favor because the home-sharing platform may well need to invest in finding innovative and sustainable routes to grow its business, given a growing backlash against overtourism in popular destination cities that have been saddled with the real-world impacts of homes being repurposed as de facto hotels (and travel generally being more affordable).
In recent years residents in cities where Airbnb is popular have been vocal in complaining that such platforms bring problems — from antisocial impacts such as noise and drunken partying to more structural issues as they contribute to driving up rents by removing housing stock, with the risk of undermining local communities if residents get priced out.
And a growing number of cities have responded to these concerns by tightening regulations on home-sharing — throwing up blockers and sometimes hard caps on Airbnb’s growth.
A requirement that hosts register with the city in San Francisco so it can enforce vacation-rental laws to prevent homes being repurposed as year-round tourist lets led to a dramatic decline in Airbnb listings at the start of this year, for example.
But it looks to be the opposite story in Mongolia where politicians are focused on development and keen to attract outside investment. And where tourists are — at least for now — welcome visitors....