Dominica Republic entered into an agreement with TRON blockchain to build scalable business solutions. The partnership announcement came after the legislation passed the Virtual Assent Business legislation in May 2022.
“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,” the Prime Minister’s Office of Dominica said in an official announcement.
Reportedly, the founder of TRON blockchain H.E Justin Sun has been playing an instrumental role in helping Dominica adopt blockchain technology to grow e-commerce and other businesses.
In an interview with CoinDesk Justin shared his view on how TRON’s partnership with Dominica will help the country build a parallel economy with the fan token DMC scaling tourism promotions globally. This is the first time that a public blockchain will be used by a country to build nationwide solutions.
TRON has received a green signal from the Dominica government to issue Dominica Coin (DMC) , a fan token to promote fanfare for the rich heritage and tourism attractions.
— TRON DAO (@trondao) October 13, 2022
Justin also tweeted about TRON’s crypto assets being given a legal tender status by the Commonwealth Dominica Republic.
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
— H.E. Justin Sun🌞🇬🇩🇩🇲🔥 (@justinsuntron) October 12, 2022
Roosevelt Skerrit, Prime Minister of, Dominica commented that this initiative will help small island countries to add up into the global economy. By adopting technologies like the TRON blockchain which is cost-effective and efficient at the same time, businesses can create various opportunities and drive economic growth.
Changpeng Zhao, CEO, of Binance also tweeted congratulating Justin on another feat of success. He also added that TRON being accepted as legal tender in Dominica will open a new world of possibilities.
Latin America is a powder Keg for novel technologies like blockchain. Dominica has emerged as one of the fastest-growing economies in the Caribbean Islands. Often the country is called a free market economy for its recent developments owing to their assertiveness towards adoption of intelligent tech solutions.
Dominica has vowed to become a green nation in the coming years and has been taking conscious steps to work towards it. Despite being a small island nation, they have come a long way as far as the development and adoption of technology is concerned. The country has been working on developing eco-tourism which sets an example for many other countries that are following in the footsteps of Dominica.
The government of Dominica will now accept TRON native crypto tokens for public payments and taxes as well. The government has also urged businesses to accept crypto payments.
The government added that the exchange rate between Tron crypto 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.
The Dominican government also established that the exchange rate between Tron crypto assets and the East Caribbean Dollar (XCD) will be determined by the market and no taxes will be levied on capital gains from crypto.
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H.E Justin Sun’s role in crypto adoption
Justin Sun stepped down from his CEO position to help countries adopt blockchain technology. He also added that countries like Grenada that are focused on faster adoption of crypto will experience growth in the economy as compared to power economies like America that have a conservative view on crypto assets.
Source: Cryptoslate, CoinDesk
Additional Read: What is Tron (TRX) | Whitepaper Summary