MakerDAO aims to swap local South Korean currencies with stablecoin Dai

MakerDAO, the issuer of Dai, recently announced a new program in South Korea. This new program follows MakerDAO’s initiative with VANTA, a decentralized network, to encourage the adoption of Dai.

This new initiative will include collaborating with government projects and will involve partners like VANTA and South Korea-based HYCON [Glosfer], a leading blockchain technology and services company, reported bitnewstoday.

Most South Korean cities have their own local currencies to boost local economies. The government project will include switching from these local currencies to cryptocurrencies, owing to its transparency and security criteria.

The partnering company, HYCON [Glosfer], previously partnered with the nation’s government to create Nowon Coin, the first local currency in the world. VANTA Network is supported on such local currencies, and will provide API support that would enable local business owners and enterprises to connect with their local community.

MakerDAO could use this opportunity offered to service providers like VANTA to swap local currencies to Dai stablecoin. VANTA accepted Dai for its pre-sale and was planning to bring the cryptocurrency into its ecosystem.

Recently, investors and developers who contributed to MakerDAO were disputing another increase to the amount charged to users of its U.S. dollar-pegged stablecoin, Dai, reported Coindesk. Dai has been trading under $1 on exchanges and hit $0.96, its lowest price on prominent exchanges like Coinbase, reported Coindesk.

Dai is issued through an open-source software which uses a stability fee that charges an outstanding fee proportional to the amount of Dai returned by the user. The fees can be paid in Dai or MKR token. The holders of MKR tokens also participate in decision-making and functioning of the protocol that produces Dai and “stake” their token in votes, noted the publication.

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