Common-wealth Dominica will accept Tron-native tokens as a payment method. The leading blockchain network, Tron, has signed an agreement with Dominica’s government to make Tron-native tokens legalized authorized digital currency in the Caribbean Island.
According to the agreement, the Tron deal is the Island’s “designated national blockchain infrastructure.” Moreover, an ordinance that day indicated that Tron’s network’s native digital tokens received “statutory status.” This means the country has now authorized the Tron-native tokens to be the nation’s medium of exchange.
Justin Sun, Tron’s founder, disclosed the milestone on October 12, saying that Dominica accepts Tron tokens, TRX, BTT, JST, NFT, USDD, USDT, and TUSD as a medium of exchange.
“It is official! All TRON cryptos, including TRX, BTT, JST, NFT, USDD, USDT, and TUSD, are granted statutory status as an authorized digital currency and medium of exchange in the commonwealth of Dominica, effective on October 7, 2022,” Justin Sun said.
TRONIX (TRX) is TRON Protocol’s mainnet native token, commonly known as TRX. TRX is the central unit of accounts in the TRON network, and it connects the whole TRON ecosystem with enough applications that power exchanges and the chain’s applications.
In addition, the Dominica government said that it would allow Tron-native tokens for public payments plus tax. The government also urged businesses to get Tron-native tokens for their services “where necessary infrastructure for the transaction is available.”
The government is also mandated to freely decide the exchange rate between the East Caribbean Dollar (XCD) and Tron crypto. Moreover, the exchange between the two assets will be exempted from capital gain tax.
Tron to Issue ‘ Dominica Coin’
Tron will issue a fan token named ‘Dominica Coin’ as part of Dominica’s government to include blockchain innovation into its economy. The Dominica Coin issued as a fan token on the Tron platform will promote the natural heritage and tourism in Dominica.
According to Roosevelt Skerrit, Dominica’s Prime Minister, integrating blockchain into its economy will help the nation build a more diverse and inclusive economy. He added,
“The open and cost-effective nature of the TRON blockchain infrastructure will play a vital role in integrating small island better-developing states like Dominica into the global economy in the future.”
Justin Sun’s Involvement in Crypto Adoption in the Caribbean
Justin Sun quit his role as Tron’s Foundation CEO at the end of 2021 to help developing nations adopt crypto, beginning with the Caribbean. In December 2021, Sun became the ambassador of Grenada to the World Trade Organization.
He said he aimed to encourage the WTO to recognize the importance of blockchain technology, boosting the entire industry. Justin Sun further stated that if given the proper education, nations like Grenada may adopt crypto quickly compared to the U.S., which still has few doubts about crypto.
Adoption of Blockchain In The Caribbean
The Caribbean is gradually becoming a home for cryptocurrencies and blockchain technology.
Most Caribbean nations, 25 sovereign countries and 14 regions, rely heavily on trade.
The countries deal with the problem of insufficient foreign exchange reserves and inadequate financial infrastructure to process the exchanges.
Therefore, Caribbean nations like Jamaica and Puerto Rico, among others, can overcome these challenges with the help of blockchain technology and cryptocurrency.
