TRON (TRX), JST and USDD become legal tender in Dominica

• Tron will help build Dominica Coin, a blockchain-based fan token that will help in promoting “Dominica’s global fanfare for its natural heritage and tourist attractions”.
• TRX will be used as an official legal tender to pay for goods and services in Dominica.

In the latest development, the Tron blockchain has been appointed as the official national blockchain infrastructure of Dominica. Besides, the Dominican Republic has also selected Tron as its official partner to develop and issue the nation’s own fan token Dominica Coin (DMC).

This partnership is probably the highest level of cooperation between a sovereign state and a blockchain platform. As part of this partnership, this public blockchain project will launch a series of applications based on emerging technology for other sovereign states.

Related: TRON (TRX) “will grow to be the blockchain protocol of the future” – Big update from Justin Sun

Dominica said that the crypto economy in the Caribbean region has been growing very fast and it seeks to leverage this momentum. Furthermore, the collaboration of the country with TRON was long-planned. As said, TRON will be issuing the Dominica Coin (DMC) on behalf of the government. This will be a blockchain-based fan token that will help in promoting “Dominica’s global fanfare for its natural heritage and tourist attractions”.

Furthermore, Dominica said that the reason behind choosing Tron was that it was one of the leading blockchain platforms offering efficient and cost-effective crypto settlements. Roosevelt Skerrit, Prime Minister of Dominica said that by leveraging Tron’s blockchain technology, they would be able to build a more inclusive and diversified economy. He further 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.

Tron-based cryptocurrencies become legal tender in Dominica

As part of this development, all Tron-based cryptocurrencies such as including TRX, JST, USDD, and TUSD will become legal tender in Dominica. Justin Sun, the founder of the Tron project, also announced that the government of Dominica will now grant statutory status to all Tron-based digital assets. Citing the official document of the Dominica government, Justin Sun stated:

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.

Founded in 2017, Tron is now one of the world’s largest public blockchain networks with more than 115 million users and over 4 billion transactions. The Tron blockchain holds more than $50 billion in on-chain assets. As a result, Tron has also emerged as “one of the largest decentralized organizations”.

The official document of the Dominica government shows that they would be accepting Tron for public services including tax payments. Besides, they would also accept TRON for payment of goods and services.