Dominica adopts TRON as “National Blockchain”, setting a path for more to follow
GENEVA, SWITZERLAND – Media OutReach – October 14, 2022 – The recent high-level collaboration between TRON and the Caribbean island nation of Dominica marks a decisive breakthrough in blockchain history. It is also expected to be a pioneering model for sovereign states to develop the blockchain industry.
On October 7 (AST), the government of Dominica announced on its official website that it had entered into an agreement with TRON, naming the TRON protocol as its designated national blockchain infrastructure. Meanwhile, TRON has received government approval to issue the Dominica Coin (DMC), a blockchain-based fan token, to promote Dominica’s global fanfare for its natural heritage and tourist attractions while boosting economic growth. This agreement is to date the highest level of cooperation between a sovereign state and a blockchain platform, cementing TRON’s legal status as the national blockchain infrastructure of Dominica. Industry experts thought highly of this move and believed that such an alliance would provide an excellent model for small and medium-sized economies to develop the digital economy.
Roosevelt Skerrit, Prime Minister of Dominica, placed a high value on this partnership. According to him, the Government of Dominica has been committed to building a more inclusive and diversified economy with the help of new technology. By taking advantage of TRON’s transparency and cost-effectiveness, small island developing states like Dominica will be better integrated into the global economy in the future.
An island country in the Caribbean region, Dominica is a member of several regional organizations, including the Caribbean Community, the Organization of Eastern Caribbean States, the Association of Caribbean States and the Bolivarian Alliance for the Americas. It has an economy based on agriculture and tourism and shows enormous untapped potential. As the Caribbean becomes a star region for global blockchain adoption, countries here have actively embraced blockchain and cryptocurrency one after the other, and Dominica is no exception. In May, the Parliament of the Commonwealth of Dominica passed the Virtual Assets Business Act. It is believed by local officials that the bill will create new opportunities for employment, trade and investment, and catalyze economic transformation and all-round development for Dominica.
However, it is challenging for small and medium-sized economies with limited technological power to develop blockchain and cryptocurrency on their own. This is evidenced by the failure of the Sango Coin issued by the Central African Republic (CAR) this year: only 5% of the supply was sold after the token launch, according to Reuters.
Working with prestigious blockchains, which have huge user bases and state-of-the-art technology, may be the best way for these countries to embrace cryptocurrency and blockchain at large.
The Dominica statement describes the TRON protocol as one of the leading global blockchain platforms known for its efficient and cost-effective crypto settlement system. Statistics show that TRON is one of the world’s three largest public chains. At the time of writing, the number of users has exceeded 115 million with over 4 billion transactions and more than $50 billion in assets on the blockchain. Therefore, this collaboration will allow TRON to assist the Government of Dominica in technological development and the acquisition of crypto users with its expertise and experience in the digital economy.
Moreover, the Virtual Asset Business Act was drafted with the support of the Eastern Caribbean Central Bank (ECCB), meaning the collaboration is likely to open a gateway for TRON to enter the Caribbean, facilitating the region’s infrastructure construction necessary for the digital the economy. The promising prospects of Dominica could be replicated in several Caribbean countries.
TRON and its founder Justin Sun have long been concerned about the digital transformation of Caribbean countries. He was appointed as the new Ambassador and Permanent Representative of the Government of Grenada to the WTO in late 2021, and in June 2022 he attended the WTO’s 12th Ministerial Conference (MC12) in Geneva, Switzerland as head of the Grenada delegation. Sun stated at the conference that blockchain and stablecoins can strengthen commerce, e-commerce and many other industries, and that blockchain and crypto technologies can provide impetus to the economies of small island developing states in the Caribbean region. As TRON continues its partnership with sovereign states such as Grenada and Dominica, Sun’s vision to drive economic growth for small and medium-sized economies and achieve financial inclusion with blockchain and crypto technologies is becoming a reality.
Founded by Justin Sun in 2017, TRON is dedicated to building the next generation infrastructure for the global Internet and finance. It is believed to be one of the largest and most active communities in the blockchain world. The TRON blockchain is one of the world’s three largest public chains today. In addition to the public chain, TRON’s extensive blockchain ecosystem also covers NFT, DeFi and distributed storage protocol, among others. The goal is to become a mainstream financial services provider, according to Sun’s plan.
Hashtag: #TRONDAO
