Road to Success

(Kitco News) – The Commonwealth of Dominica has become the latest country to announce its intention to launch its own cryptocurrency, the Dominica Coin (DMC), and has chosen to launch the coin on the TRON blockchain. This news follows the passage of the Virtual Asset Business Act by the Dominica Parliament earlier in the year.

The partnership between Dominica and TRON was originally announced via a press release from the office of the Prime Minister on Oct. 7, and TRON verified the collaboration on Oct. 12.

According to the release from Dominica, the new partnership marks an important step in the nation’s push to enhance economic growth by embracing digital innovation “and appointing TRON Protocol as its designated national blockchain infrastructure.”

TRON has been cleared by the government to issue DMC, a blockchain-based fan token intended to help promote interest in Dominica’s natural heritage and tourism attractions. 

“Dominica is committed to building a more inclusive and diversified economy with the help of new technologies,” Prime Minister Roosevelt Skerrit said. “The open and cost-effective nature of the TRON blockchain infrastructure will play a vital role to better integrate Small Island Developing States like Dominica into the global economy in the future.” 

Along with issuing DMC, the partnership has given Tron-based assets legal tender status in the nation, which means 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 public payments, including tax. Businesses have been urged 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 from capital gain 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.”

At the end of 2021, Sun stepped down from his role as the CEO of Tron Foundation to dedicate his time to promoting crypto adoption in developing countries, starting in the Caribbean. 

In December, he was appointed as Grenada’s ambassador to the World Trade Organization (WTO) and said that his focus on advocating for crypto would help the WTO recognize the value of blockchain technology, helping to boost the industry as a whole. 

According to Sun, if provided the proper education, countries like Grenada have the potential to experience a faster rate of crypto adoption than world powers like the U.S., which still have a more conservative view of the crypto industry. 

“The TRON team and myself are delighted that Prime Minister Roosevelt Skerrit trusts TRON to develop the blockchain infrastructure that will empower their participation in the decentralized financial future,” said Sun. “We hope it is the first of many technological partnerships with sovereign governments to come.”