THE AUTHORITIES OF ULAANBAATAR WILL USE KOREAN STABLECOIN FOR PAYMENTS FOR HOUSING AND COMMUNAL SERVICES

The administration of the capital of Mongolia — Ulaanbaatar – began to cooperate with the Korean company Terra, which released its stablecoin. Within the framework of the partnership, it is planned to organize lending services.

With the help of Terra cryptocurrency, Mongolian officials plan to eventually replace the process of the usual payment for utilities on receipts and state preferential payments.

The pilot program will start within six months and will affect the residents of the capital district of Nalayh, and then spread to the rest of the city. It is planned to introduce a system of mobile and P2P-payments. In the future, the list of available services will also expand.

Terra is a blockchain project of Korean entrepreneur Daniel Sheen, who created the online marketplace Ticket Monster. In November, Terra became a partner of KakaoTalk – the most popular application in Korea.