Dominica adopts TRON as a “national blockchain”, paving the way for further follow-up

Dominica adopts TRON as a “national blockchain”, paving the way for further follow-up

Geneva, Switzerland – Media Outreach – 14 October 2022 – The recent high-profile collaboration between TRON and the Caribbean island nation of Dominica marks an important breakthrough in the history of blockchain. It is also expected to pioneer a model for sovereign states to develop the blockchain industry.

On October 7 (AST), the Dominica government announced on its official website that it had entered into an agreement with TRON, to designate the TRON protocol as a designated national blockchain infrastructure. Meanwhile, TRON has secured government approval to issue Dominica Coin (DMC), a blockchain-based fan token, to promote Dominica’s global appeal of its natural heritage and tourist attractions while boosting its economic growth. This agreement is, to date, the highest level of cooperation between a sovereign country and a blockchain platform, strengthening the legal status of TRON as the national blockchain infrastructure in Dominica. Industry experts appreciated this step and believed that such an alliance would provide an excellent model for small and medium-sized economies to develop the digital economy.

Roosevelt Skerrit, Prime Minister of Dominica, placed a high value on this partnership. According to him, the Dominica government has committed to building a more inclusive and diversified economy with the help of new technologies. By taking advantage of TRON’s openness and cost-effectiveness, small island developing states like Dominica will be better integrated into the global economy in the future.

Dominica is an island nation in the Caribbean and is a member of several regional organizations including the Caribbean Community, the Organization of Eastern Caribbean States, the Association of Caribbean States, and the Bolivarian Alliance of the Americas. It has an economy based on agriculture and tourism and shows huge untapped potential. As the Caribbean has become a star area for global blockchain adoption, countries here have actively embraced blockchain and cryptocurrencies one by one, and Dominica is no exception. In May this year, the Parliament of the Commonwealth of Dominica passed the Business Virtual Assets Act. Local officials believe the bill will create new opportunities for employment, trade and investment, and spur economic transformation and the overall development of Dominica.

However, it is difficult for small and medium-sized economies with limited technological power to develop blockchain and cryptocurrencies on their own. Witnessing this is the failure of Sango Coin issued by the Central African Republic (CAR) this year: only 5% of the supply was sold after the launch of the token, according to Reuters.

Working with prestigious blockchains, which have massive user bases and the latest technologies, may be the best way for these countries to embrace cryptocurrency and blockchain in general.

The Dominica statement describes the TRON protocol as one of the leading global blockchain platforms renowned for its cost-effective and efficient crypto-settlement system. Statistics show that TRON is one of the three largest public chains in the world. As of this writing, the number of users has crossed 115 million with over 4 billion transactions and over $50 billion in assets on the blockchain. Therefore, this cooperation will allow TRON to assist the Government of Dominica in technological development and to provide cryptocurrency users with its expertise and experience in the digital economy.

Moreover, the Virtual Asset Business Act has been drafted with the support of the Eastern Caribbean Central Bank (ECCB), which means that the cooperation is likely to open a gateway for TRON to enter the Caribbean, facilitating the construction of infrastructure in the region needed for the digital economy. Dominica’s promising prospects can be replicated in more Caribbean countries.

TRON and its founder Justin Sun have always been concerned about the digital transformation of Caribbean countries. He was appointed as the new ambassador and permanent representative of the Government of Grenada to the WTO at the end of 2021, and in June 2022, he attended the 12th WTO Ministerial Conference (MC12) in Geneva, Switzerland as head of the Grenada delegation. Sun stated at the conference that blockchain and stablecoins could enable commerce, e-commerce and many other industries, and that blockchain and crypto technologies could inject impetus into the economies of small island developing states in the Caribbean. With TRON strengthening its partnerships with sovereign nations such as Grenada and Dominica, Sun’s vision of driving economic growth for small and medium-sized economies and achieving financial inclusion using blockchain and crypto technologies has become a reality.

Founded by Justin Sun in 2017, TRON is dedicated to building the next generation of global internet and finance infrastructure. It is believed to be one of the largest and most active communities in the blockchain world. The TRON blockchain is one of the three largest public chains in the world today. In addition to the public chain, TRON’s end-to-end blockchain platform also covers NFT, DeFi, and the distributed storage protocol, among others. Its goal is to become a major provider of financial services, according to Sun’s plan.

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