Leading blockchain network Tron has inked an agreement with the government of Dominica to make Tron-local tokens approved digital currencies in the Caribbean Island.
Tron’s Chief Executive Justin Sun shared the achievement on Oct. 12, expressing that Tron tokens, including TRX, BTT, JST, NFT, USDD, USDT, and TUSD, are acknowledged as a mechanism of trade in Dominica.
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 孙宇晨 (@justinsuntron) October 12, 2022
According to the approved document made available on twitter by Justin Sun through his verified handle @justinsuntron shows that “Tron is not only approved to do legal business but has also becomes Dominican Government’s national Blockchain infrastructure.
The government said it will acknowledge Tron-local tokens for public payments, including taxes. Organizations are likewise encouraged to get Tron-local tokens for their services.
The Dominican authorities added that the conversion rate between Tron crypto and the East Caribbean Dollar (XCD) will still be freely determined by the market, and exchanges between the two assets will be liberated from capital gain tax.
Tron to issue Dominica Coin (a digital currency)
As a part of the government of Dominica’s efforts to coordinate blockchain development into its economy, Tron will issue a fan token named “Dominica Coin.”
Dominica coin (DM) will be issued as a fan token on the Tron Network to advance Dominica’s regular legacy and tourist destinations.
Dominica’s prime minister Roosevelt Skerrit said that the move will assist the country with building a more comprehensive and broadened economy. Skerrit added:
“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.”
Wondering how the government would adopt PiCoin?
With the help of the Pi Bridge, this will be very easy. Pi bridge has assured us of connecting Pi network to other blockchains enabling pioneers to trade wrapped Pi (wPi) on other exchanges including Tron. If Pi can be traded on Tron, then it will be adopted by the Dominican financial authorities too.
In case you are not aware
- Justin Sun became Grenada’s ambassador to the World Trade Organization in Dec. 2021. He said his focus on advocating for crypto could see the WTO recognize the value of blockchain technology, which will boost the whole industry.
- Justin Sun added that countries like Grenada may experience a faster pace for crypto adoption, given the right education than world powers like the U.S. which still has conservative views on crypto.