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As the cryptocurrency industry continues to expand, more countries and institutions are hopping on the bandwagon, and some of them even want to have their own official digital assets, including one Eastern Caribbean nation.
Indeed, the Commonwealth of Dominica is launching the Dominica Coin (DMC) in partnership with the TRON Protocol (TRX) after the nation passed the Virtual Asset Business Act in its Parliament earlier in 2022, according to TRON’s press release on October 12.
The purpose of issuing the coin is to aid in promoting the country as a place with great tourist capacities and its rich natural heritage, driving its economic advancement. Commenting on this development, Dominica’s Prime Minister Roosevelt Skerrit explained what it means for his country:
“This is 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.”
Meanwhile, TRON’s founder Justin Sun conveyed his team’s excitement and optimism over the established partnership, stressing 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.”
It is worth noting that the partnership between the blockchain and the Caribbean state has also brought the official approval of TRON-issued digital currencies as medium of exchange in Dominica.
As Justin Sun stated on Twitter, all digital assets issued on the TRON blockchain have been “granted statutory status as authorized digital currency and medium of exchange” in Dominica, also posting an official document that proves it.
It is official! All #TRON cryptos including #TRX #BTT #JST #NFT #USDD #USDT #TUSD are granted statutory status as authorized digital currency and medium of exchange in the commonwealth of Dominica effective on October 7th 2022 🇩🇲 https://t.co/p97zJkzhUe pic.twitter.com/kbejwXrkXt
In the meantime, the total number of transactions on the TRON blockchain has recently surpassed 4 billion after rumors started of its founder being the real buyer of crypto exchange Huobi, whereas Justin Sun himself announced his appointment as a member of the exchange’s Global Advisory Board.
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Ana Nicenko has a plethora of knowledge and experience as a journalist covering the cryptocurrency and blockchain industries, having written for a variety of projects and organizations. Additionally, Ana has a master’s degree in English Language and Literature. At Finbold, she reports news on the digital assets sector.
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