NASA is tasked with developing a time zone for several celestial bodies on behalf of the US government. A plan for the introduction of coordinated lunar time (LTC) should be developed by the end of 2026.
The LTC is intended to be used, among other things, by spaceships and lunar satellites that require precise time measurement. A clock on Earth would run an average of 58.7 microseconds slower per Earth day for someone on the moon. On Earth, Coordinated Universal Time (UTC) serves as the basis for calculating local time.