Dominica chooses TRON to develop its national blockchain infrastructure
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(Kitco News) – The Commonwealth of Dominica has become the latest country to announce its intention to launch its own cryptocurrency, Dominica Coin (DMC), choosing to launch the coin on the TRON blockchain. This news follows the passage of the Virtual Asset Business Act by the Dominica Parliament earlier this year.
The partnership between Dominica and TRON was initially announced via a press release from the Prime Minister’s Office on October 7, and TRON confirmed the partnership on October 12.
According to the release from Dominica, the new partnership marks an important step in the nation’s push to boost economic growth by embracing digital innovation “and naming the TRON protocol as its designated national blockchain infrastructure.”
TRON has been approved by the government to issue DMC, a blockchain-based fan token intended to help promote interest in Dominica’s natural heritage and tourist attractions.
“Dominica is committed to building a more inclusive and diversified economy using new technologies,” said Prime Minister Roosevelt Skerrit. “The open and cost-effective nature of the TRON blockchain infrastructure will play an important role in better integrating small island developing states like Dominica into the global economy in the future.”
Along with the issuance of DMC, the partnership has given Tron-based assets legal tender status in the country, meaning that Tron (TRX) BitTorrent Token (BTT), Just (JST) APENFT (APE), USDD, USDT and TUSD are now accepted as a medium of exchange in Dominica.
The government has also indicated that it will accept Tron-native tokens for government payments, including taxes. Businesses have been encouraged to receive Tron-native tokens for their services. The exchange rate between TRX and the East Caribbean Dollar (XCD) will be freely determined by the market, and transactions between the two assets will be free of capital gains tax.
Tron founder Justin Sun took to Twitter to promote the new partnership, noting that “For the first time, a major public blockchain has partnered with a sovereign nation to develop its national blockchain infrastructure.”
In late 2021, Sun stepped down from his role as CEO of the Tron Foundation to dedicate his time to promoting crypto adoption in developing countries, starting in the Caribbean.
In December, he was named Grenada’s ambassador to the World Trade Organization (WTO) and said his focus on advocating for crypto would help the WTO recognize the value of blockchain technology, and help boost the industry as a whole.
According to Sun, countries like Grenada have the potential to experience faster crypto adoption than world powers like the US, which still have a more conservative view of the crypto industry, if they get the right education.
“The TRON team and I are delighted that Prime Minister Roosevelt Skerrit trusts TRON to develop the blockchain infrastructure that will empower their participation in the decentralized economic future,” Sun said. “We hope it’s the first of many technology partnerships with sovereign governments to come.”
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