- MP of ST. Maarten has initiated a law to make TRON the country’s legal tender.
- Member of Parliament Rolando Brison believes the TRON blockchain will help grow the economy’s infrastructure.
- The Eastern Caribbean Bank legislation might be the regulatory body instated to provide clear crypto regulations in the country.
The government of the eastern Caribbean island of St. Maarten has moved towards adopting TRON-based crypto as the country’s legal tender. Member of Parliament Rolando Brison initiated a proposal to designate TRON as the country’s blockchain infrastructure and TRON-based cryptocurrency as legal tender on Tuesday, backing his outspoken support for blockchain technology and crypto adoption into the economy’s infrastructure.
PM and the Leader of the United People’s Party (UPP), Rolando Brison, has been an avid advocate for St. Maarten becoming the “Crypto capital of the Caribbean,” pushing for the local economy advancement while promoting the responsible use of blockchain technology. In March 2022, he announced that he was the first elected official to ask for his salary in Bitcoin cash.
As Saint Martin News Network reports, the UUP leader stated that he intends to not “re-invent the wheel, but gain insights from the island of Dominica, which recently embraced TRON as its official blockchain, and the Eastern Caribbean Central Bank’s Virtual Assets draft law. Dominica adopted TRON as the designated protocol for its national blockchain infrastructure in October 2022, following the passage of Virtual Asset Business legislation in May 2022.
The Commonwealth country also announced issuing the Dominica Coin, a blockchain-based fan token, alongside seven other adopted TRON cryptos as an authorized digital currency and medium of exchange.
“Often, we sing the praises of other Prime Ministers in the region, rightfully so. But acting on it for the benefit of our people and economy has much more value,” he said. Brison is working on translating the law, which complies with the Dutch legal system and local economy.
Brison referred to Prime Minister Skeritt’s commendation of TRON as the official blockchain and legal tender of Dominica after their parliament passed the Virtual Assets law when he said;
“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. TRON Protocol is one of the leading global blockchain platforms, known for its efficient and cost-effective crypto settlement system.”
Eastern Caribbean Central Bank (ECCB) To Regulate Crypto in The Dominica Island
MP Rolando Brison explained that the Eastern Caribbean Bank legislation would be a” great framework for regulation that focuses on protecting the consumer, the economy and ensuring that virtual asset oversight does not spire out of control, without stagnating potential growth opportunities for the sector.”
The ECCB is the central bank for the Eastern Caribbean dollar and oversees the monetary union of countries like BVI, Grenada, Montserrat, St. Kitts, Nevis, Saint Lucia, St Vincent, and Antigua, with a total GDP of close to 10 billion USD.
The MP’s nomination of ECCB as a regulatory body comes with the country’s need for proper crypto regulations, highlighted in the 2018 release by the Central Bank of Curacao and St. Maarten. Briston believes the legal tender regulation will help align cryptocurrency with Dominica’s civil code.
“Allowing cryptocurrency to remain unregulated in St. Maarten is extremely risky, and we must be proactive. Hence I use my right of initiative to bring this law with Tron Protocol at the forefront, with possibilities later for other blockchains to be incorporated; this too can be done in line with other countries like St. Kitts, who I know are also working on their legal tender legislation,” he explained.
For the Ministry of Finance to continue its training initiatives on blockchain technology, Brison’s proposed law would also include provisions by National Decree allowing the government to decide when would be the appropriate moment to come into effect. The MP hopes to submit the initial bill for consideration by the legislative process in the upcoming weeks.
More countries like El Salvador and Central African Republic (CAR) have adopted cryptocurrencies, specifically Bitcoin, as their legal tenders.
El Salvador was the first country in the world to adopt BTC as a legal tender. President Nayib Bukele promoted the move to bring Salvadorans, the majority of whom had no bank accounts, into a “formal economy.” The Central American country embraced the cryptocurrency in 2021, allowing natives to use BTC for any transaction, from grocery shopping to paying taxes.
