The crypto industry continues to grow all over the world. More and more developing countries are taking the leap to allow digital currencies. TRON has thus signed an agreement with the government of Dominica to authorize TRX tokens in the country. The partnership also aims to launch the Caribbean island’s own digital currency, the Dominica Coin (DMC). These initiatives can play a vital role in the development of the economy of small island states.
Tron (TRX) crypto allowed as a medium of exchange in Dominica
On October 12, Justin Sun, founder of Tron, reported that TRX is allowed as a medium of exchange in Dominica. These include TRX, BTT, JST, NFT, USDD, USDT, and TUSD tokens. This authorization is part of an agreement signed between the blockchain leader Tron and the government of Dominica.
Now having legal status, native Tron tokens are used for public payments such as taxes. Separately, the agreement invites companies to receive native tokens from Tron for their services. The government has indicated that it will be the market that will freely determine the exchange rate between Tron (TRX) and the East Caribbean dollar (XCD). It also added the capital gains tax exemption on transactions between the two assets.
Tron selected to issue Dominica Coin
The Commonwealth of Dominica continues efforts to integrate blockchain innovation into its economy. Through a crypto law, Dominica will launch its digital token in partnership with Tron. This is Dominica Coin which will be issued as a fan token on the Tron network. It aims to promote the natural heritage and tourist attractions of Dominica.
For Roosevelt Skerrit, this initiative will help build a more inclusive and diversified economy. The Prime Minister of Dominica also indicated the essential role of TRON in better integrating small island developing states into the global economy in the future. The TRON blockchain infrastructure indeed exhibits an open and profitable nature.
For Justin Sun, this is just the beginning of promoting crypto adoption in developing countries. Having stepped down from his role as CEO of the Tron Foundation, he became Grenada’s Ambassador to the WTO in December 2021. He said the WTO could recognize the value of blockchain technology through its focus on defending crypto. This will stimulate the whole industry.
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