Kwon talked to various community members about the crash of LUNA, which was trading at nearly USD 120 in early April. The developer believes that decentralized economies deserve decentralized money but warned that UST would not serve that purpose.

Do Kwon, the creator of Terra (LUNA), recently said on Twitter that he was heartbroken at the loss in value of his creations. Besides founding Terraform Labs, the South Korean developer created the LUNA governance token, the TerraUSD stablecoin, and other cryptocurrencies.

Over the last few days, Kwon called various community members to talk about the loss in value of the tokens. LUNA, trading at nearly USD 120 in early April, crashed dramatically this week.

The South Korean cryptocurrency developer tweeted that he believes decentralized economies deserve decentralized money. However, he warned that UST would not serve that purpose in its current form.

Kwon indicated that his reactivation plan envisages distributing ownership among UST and LUNA holders on the network. In addition, he acknowledged that it is impossible to recover the stablecoin of Terra as it stands.

The ECB Introduces a Digital Euro Although the Public Opposes It

The European Central bank (ECB) published another working paper on the digital euro. The report gives an extensive technical analysis of the potential CBDC and its position in the financial system.

The document aims to study financial intermediation, payment options, and privacy in the digital economy. In that way, it arrives at many conclusions based on algebra.

The study indicates that the ECB prefers an anonymous CBDC to traditional digital payments like bank deposits. However, it states that digital currencies or payment tokens issued by technological giants can replace them.

The ECB continues promoting its CBDC project, although Europeans seem not to welcome a digital euro.

Despite a Crypto Boom, the Argentine Central Bank (BCRA) Has other Plans

Argentina is amid a cryptocurrency boom, as millions of users entered the market and stablecoins grew sixfold. The country occupies 10th place in the cryptocurrency adoption index published by Chainalysis.

The conditions for adopting Bitcoin are 58% inflation, devaluation of the Argentine peso, and lack of access to US dollars. Many Argentines consider that cryptocurrencies are the best way to protect their savings.

Last week, Banco Galicia (GGAL) incorporated the option to trade cryptocurrencies on its platform. In addition, the national digital bank Brubank started offering similar services. Both financial institutions seem to be taking a significant step toward widespread cryptocurrency adoption in Argentina.

However, just days after those announcements, the BCRA banned those institutions from offering services with unregulated digital assets. That means that banks can no longer facilitate the trade of cryptocurrencies, which led Banco Galicia to suspend it.

Even though the decision of the BCRA has not directly affected Argentine crypto exchanges, they are nervously looking for signs. Besides, there arose confusion among many stock markets, which have registered high growth rates over the last three years.

By Alexander Salazar

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