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All TRON cryptos including TRX, BTT, JST, NFT, USDD, USDT, and TUSD are granted statutory status as authorized digital currency and medium of exchange in Dominica effective on October 7th 2022.
Tron, the leading blockchain network, signed an agreement with the Government of Dominica to make Tron-native tokens authorized digital currency in the Caribbean Island.
Justin Sun, Tron Founder shared a Tweet on Oct. 12, 2022 stating that Tron tokens are accepted as a medium of exchange in Dominica. Sun also attached an image of the documents in his recent tweet.
According to the TRON’s Press Release, Justin Sun added that “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. We hope it is the first of many technological partnerships with sovereign governments to come.”
Government of Dominica’s Crypto Ordinance
The Prime Minister of Dominica, Roosevelt Skerrit said that “Dominica is committed to building a more inclusive and diversified economy with the help of new technologies. 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.”
On October 7, 2022 the Government of Dominica moved into an agreement with TRON following the passage of Virtual Asset Business legislation in May, 2022. The Government of Dominica called this a historic step for Dominica in its drive to enhance economic growth by embracing digital innovation and appointing TRON Protocol as its designated national blockchain infrastructure.
TRON Protocol is one of the leading global blockchain platforms, known for its efficient and cost-effective crypto settlement system, obtained the government’s endorsement to issue Dominica Coin (“DMC”), a blockchain-based fan token to help promote Dominica’s global fanfare.
Crypto Adoption
It must be noted that Dominica is the second country in the Caribbean where Justin Sun brought crypto adoption to the fore. At the end of 2021 Justin Sun was appointed as Grenada’s Ambassador to the World Trade Organization. At which he revealed his commitment to crypto adoption could make the WTO recognize the value of blockchain technology, which could be a boon to the whole industry.
He further pointed out that countries like Grenada may go through a faster pace for crypto adoption, given the correct education than world powers like the U.S. which still has conservative views on crypto.
As one of the major public blockchains with more than 115 million users and 4 billion transactions, this partnership of TRON with Dominica enables a number of usage scenarios and provides a strong foundation for future success.
With a background in journalism, Ritika Sharma has worked with many reputed media firms focusing on general news such as politics and crime. She joined The Coin Republic as a reporter for crypto, and found a great passion for cryptocurrency, Web3, NFTs and other digital assets. She spends a lot of time researching and delving deeper into these concepts around the clock, and is a strong advocate for women in STEM.
