Terra’s tokens were invented by Kwon Do-hyung (aka Do Kwon), a South Korean national. Since the collapse of the two cryptocurrencies, Kwon has come up with a few plans to revive the coins but none has worked so far.
The decision came as six power plants went down unexpectedly Friday and with hot weather expected across the city during the weekend that passed.
Since crypto markets are not as heavily regulated as the traditional financial markets, it is difficult to pinpoint who or what is moving the markets and their wild swings.
The legislation will be based on international standards as the officials have vowed to partner with the Bank of International Settlements (BIS), the Financial Stability Board (FSB), and American and European watchdogs before officially introducing it.