Leading blockchain network Tron has signed an agreement with the Dominican government to make Tron-native tokens a licensed digital currency on the Caribbean island.
Tron founder Justin Sun shared the milestone on October 12th, stating that Tron tokens, including TRX, BTT, JST, NFT, USDD, USDT, and TUSD, have been accepted as mediums of exchange in Dominica. rice field.
It’s official!all #Tron Ciphers containing #TRX #BTT #JST #NFTs #USDD #USDT #TUSD Granted statutory status as an approved digital currency and medium of exchange in the Dominican Republic, effective October 7, 2022 🇩🇲 https://t.co/p97zJkzhUe pic.twitter.com/kbejwXrkXt
— HE Justin Sun 🌞🇬🇩🇩🇲🔥 (@justinsuntron) October 12, 2022
according to Government Crypto OrdinanceTron now has legal tender status in the country.
The government said it would accept TRON native tokens for public payments, including taxes. Companies are also strongly encouraged to receive Tron Native Tokens for their services.
The government added that the exchange rate between the Tron cryptocurrency and the East Caribbean Dollar (XCD) will be freely determined by the market, and that transactions between the two assets will be free from capital gains tax.
Tron Issues Dominica Coin
As part of the Dominican government’s efforts to integrate blockchain innovation into its economy, Tron will issue a fan token called “Dominica Coin”.
Dominica Coin (DM) will be issued as a Fan Token on the TRON network to promote Dominica’s natural heritage and tourist attractions.
Dominican Prime Minister Roosevelt Skerritt said the move would help the country build a more inclusive and diverse economy.
Skerritt added:
“The open and cost-effective nature of the TRON blockchain infrastructure will play a key role in successfully integrating small island developing states like Dominica into the global economy in the future.”
Justin Sun and Crypto Adoption in the Caribbean
At the end of 2021, Justin Sun stepped down from his role as CEO of the Tron Foundation to promote crypto adoption in developing countries starting in the Caribbean.
Justin Sun was appointed Ambassador to the World Trade Organization (WTO) for Grenada in December 2021. A focus on defending cryptocurrencies could help the WTO recognize the value of blockchain technology and boost the industry as a whole, he said.
Justin Sun said that countries like Grenada could see a faster pace of crypto adoption given proper education than world powers like the United States, which still has a conservative view of cryptocurrencies. I added that it could be faster.
