LUNA on the rise as the South Korean city evaluates the proposal of the Stablecoin TERRA.

TERRA: short history

The Terra network and the Luna token draw their origins from e-commerce.

The company was founded by Daniel Shin and Do Kwon, both South Koreans and already experts in the creation of very popular payment systems both in their mother homeland, and in the Southeast Asia area. In addition, they have already founded and developed several e-commerce systems.

However, it can be said that Terra is probably their most complex and interesting project, which also has particular implications with the Luna token.

The Luna token is then increasing the interest around it, with a rally started in early January 2021 and that reached in March 18 euros in price, with a retracement in April on 12 euros. It stands at the time of writing to 24th place by market capitalization.

LUNA on the rise

LUNA, ranked 21st by market capitalization, is trading at 18.79 USD and is also increased by 35% in a week. The price is almost unchanged in a month, while it skyrocked by 9.499% in a year. For Tech M, an advisory committee working on a renewal for the Free Zone City Blockchain for newly elected mayor Park Hyung-joon put forward a proposal to enlist Terra's help in his local plans of stablecoin. Park's manifesto contained a number of commitments related to local blockchain and stablecoins.

The media said that city authorities had confirmed that its advisory group consisted of a series of “blockchain experts” and that this group had outlined an action plan blockchain for the Park regime. The plan provides for the possible issuance of digital identity cards for Busan citizens, updating the local currency Dongbaekjeon using blockchain technology and plans for an “asset exchange” digital” managed by the city.

The advisory committee suggested that Terra stablecoins could be used in the exchange, along with Dongbaekjeon tokens. The media said that membership of the committee included financial services operators and cryptocurrency companies, including decentralized finance space (DeFi) companies.

Busan, like many other cities in South Korea, announced plans to provide financial stimuli to the local economy by using local stablecoins to “reduce the burden on small business owners and the local government bodies. 'The new proposal for “digital asset exchange”, the committee noted, would ensure that only parties with verified identity with appropriate client knowledge protocols (KYC) and anti-money laundering in act would be allowed to participate.

Elsewhere, chat app giant Kakao and New York-based blockchain company ConsenSys have become the latest companies to start developing infrastructure for a South Korean digital proposal, despite the fact that the Bank of Korea still has to confirm its digital currency (CBDC). In a press release, the blockchain arm of Kakao Ground X, the blockchain protocol operator Klatyn, indicated that his goal with the new move was to develop a platform that led to the new move. allowed to enable the issuance of the digital won.

Companies will work on an initial pilot project and also explore interoperability solutions for Klaytn and Ethereum Layer-2 solutions, as well as possible interoperability options for other protocols blockchain.