cryptonews.com
An undaunted Do Kwon, the Terra co-founder responded on Twitter,
“They always fear you before they join you. [Terra is] now putting central banks on guard. THT will be adopted whether [the] BOT likes it or not.”
Regardless, LUNA prices took a hit on the news. At the time of writing (08:18 UTC), LUNA, ranked 17th by market capitalization, trades at USD 18.24 and is down by 5% in a day, trimming its weekly gains to less than 64%. It's rallied by 236% in a month and 13,304% in a year.
LUNA price chart:
Jake Chervinsky, General Counsel at Compound, labelled the decision a “short-sighted move that will primarily harm Thai citizens as the rest of the world keeps innovating.”
Qiao Wang of the DeFi Alliance opined that the ruling “seems to me like a big deal,” musing:
“Is this the first instance of a stablecoin being declared illegal? Look forward to seeing how this plays out.”
____
Learn more:
- China May Target Tether after Digital Yuan Launch – B2C2 Japan CEO
- Ethereum's Buterin Says Tether Is Bitcoin's 'Ticking Time Bomb Demon'
- Visa Boss Wants Company ‘in the Middle’ of Crypto as Cash ‘Declines’
- Public and Private Money Can Coexist in the Digital Age
- Stablecoins May 'Penetrate Non-Crypto Markets' & Surpass USD 100B in 2021