Chaired by Chairman of the FRC S.Davaasuren this time the council discussed review of non-bank financial sector and a research work report themed 'Trading stocks of domestic commercial banks to public through the Mongolian Stock Exchange’ conducted by independant research team. 

The Financial Stability Council’s activities are targeted to ensuring stability of financial system, preventing from possible risks, and analyzing occurred risks and to making decisions and taking measures within the council members' rights and responsibilities. 

Moreover the Financial Stability Council regularly get informed and exchanges information as well as submit recommendations to the parliament if necessary.

Faucette is referring to a list of online retailers who accept bitcoin. The table is titled "Virtually no acceptance and shrinking" and shows the data.

Bitcoin is not like a currency because there is no interest rate associated with bitcoin, the analyst wrote.

It's not like gold either, as it doesn’t have any intrinsic use like gold.

According to Faucette, bitcoin is tiny compared to traditional financial instruments.

“Bitcoin average daily trading volume of $3 billion (last 30 days) vs. $5.4 trillion in the FX market. Estimated $300 million in daily purchase volume vs. $17 billion for Visa,” he wrote.

Coinmarketcap data says Faucette’s numbers are not correct, as an average daily volume of bitcoin is $11.5 billion. The whole cryptocurrency market’s daily volume is almost $27 billion.

One of the biggest bitcoin bulls, John McAfee of McAfee antivirus, says there is no reason for panic despite the correction in the cryptocurrency market.

Bitcoin has fallen more than 25 percent from its recent all-time highs of $20,000 spurred by futures listings on major derivatives exchanges.

Bitcoin enthusiast, billionaire Michael Novogratz who has also been very bullish on cryptocurrencies, has revised his forecast and said bitcoin could drop to $8,000 by year-end. Previously, he predicted bitcoin would be worth $40,000 by 2019.

JOLED, a Japan Display affiliate, sold its inaugural batch of OLED screens this month, becoming the world’s first OLED maker to market screens which use a lower cost printing process.

It is seeking to raise 100 billion yen from materials, equipment and electronics makers to expand production capacity.

Sony Corp and Panasonic Corp are also expected to invest 5 to 10 billion yen each, and Sumitomo Chemical Co and Screen Holdings Co are considering chipping in, Kyodo said.

The four companies are together seen investing 20 to 40 billion yen in JOLED, Kyodo added.

OLED screens are gaining popularity as they are generally thinner, more flexible and offer richer colors than liquid crystal display (LCD) panels, but high production costs are still preventing them from being used widely. Apple Inc has adopted the screens for its iPhone X.

A JOLED representative said the company was in talks with various materials and equipment makers about the investment, but that nothing specific had been decided.

A Denso spokesman said the reported plan wasn’t something the company announced, while a Screen Holdings spokeswoman denied the company was considering the investment. Sony said nothing had been decided, while Panasonic and Sumitomo Chemical declined comment.

JOLED was created in 2015 by merging the OLED divisions of Sony and Panasonic. JOLED is 75 percent owned by a state-backed fund, the Innovation Network Corporation of Japan, and 15 percent held by Japan Display. Sony and Panasonic each own 5 percent.

Khaltmaagiin Battulga congratulated President Ilham Aliyev on his birthday, and wished him success in his presidential activity and robust health.

President Ilham Aliyev thanked for the attention and congratulations.

The presidents hailed good opportunities for developing bilateral relations between the two countries in a variety of fields.

In 2016, the Mongolian Chess Federation was selected as ‘Chess Movement of the Year World Under-16 Olympiad’ out of 52 countries.

Held for the fourth year, President of the Mongolian Chess Federation Ts.Sainbayar and First Deputy President and Parliamentary Deputy Speaker Ya.Sanjmyatav participated in the award ceremony.

During the ceremony, President of the World Chess Federation Kirsan Ilyumzhinov expressed gratitude to Mr Ts.Sainbayar for developing chess sport in Mongolia.

On the secondary market for corporate bonds, 1,089 bonds were traded for the value of MNT108.8 million.

The MSE ALL Index decreased by 2.68 percent to reach 1,104.01 points. The MSE market cap stands at MNT2,357,591,879,485.

Senior Advisor to the Mayor of Ulaanbaatar D.Munkh-Erdene introduced the amendments at the meeting. D.Munkh-Erdene noted that the Capital’s Legal Status was approved by Parliament in July 5, 1994, and the socio-economic state and population of Ulaanbaatar in 1994 was drastically different than that of today. He cited that 23 years ago, the population of Ulaanbaatar was 589,000, which has risen to 1.3 million, and there are more than 400,000 vehicles registered in Ulaanbaatar, an increase of 19.5 folds since 1994. He added that Ulaanbaatar’s GDP was 44 billion MNT in 1994, which had jumped to 15 trillion MNT in 2016. He emphasized that the extreme changes in these figures highlights the need for the capital to change its legal status.

D.Munkh-Erdene stressed that the authors of the amendments believe that the following changes will stimulate Ulaanbaatar’s development.

Legislate policies being executed by Ulaanbaatar’s leadership
Adopt development models of developed countries’ capitals in Ulaanbaatar
Promote manufacturing through innovate technology based on knowledge
Reform Ulaanbaatar’s administrative rules
Renew the rights and responsibilities of Ulaanbaatar’s residents
Member of Parliament D.Erdenebat noted that legislating policies being executed by Ulaanbaatar’s leadership is unnecessary, and a lot of advantages from urban re-planning and the capital general development plan, which were withdrawn in 2012, should have been included in the amendments.

MP D.Terbishdagva said, “People follow their rights of the Constitution that provide Mongolian citizens with the freedom of movement and residence in any place within the country’s territory, but they are not able enjoy their constitutional rights to a healthy and safe environment and to be protected against environmental pollution and ecological imbalance.” D.Terbishdagva asked D.Munkh-Erdene if any measures and solutions to tackle this challenge have been included in the amendments.

D.Munkh-Erdene pointed out that to reduce rural to urban migration, establishing a satellite town and supporting enterprises that will operate in the satellite town and its residents with tax facilities are outlined in the amendments.