Dominica will launch a national currency on the TRON blockchain

Huobi will take over the process of launching the national currency of the Dominican Republic on the TRON blockchain. This will be done through a partnership agreement between Huobi, the Commonwealth of Dominica, TRON and DMC Labs. The new currency will be called Dominica Coin (DMC).

The fact that Dominica wants to create its own national digital currency became known back in October. After the authorities approved the adoption of the relevant bill related to the adoption of cryptocurrency assets, the development of Dominica Coin and DID began. The idea of creating a DMC token is to increase the knowledge of the citizens of Dominica about the natural heritage. There were also marketing goals, as advertising of tourist attractions around the world will become much more practical using DMC and DID tokens.

Dominica Coin, along with DID digital identity, will exist on the TRON blockchain, which is recognized as the National Blockchain Infrastructure of the State of Dominica. Notably, the Dominica Coin token will be launched through Huobi Prime. Due to the fact that the cryptocurrency will operate on the TRC-20 network, DMC will also support cross-chain interaction with the Ethereum and Binance Smart Chain blockchains through the BTTC bridge.

All residents of Dominica who register will be able to receive their tokens through Huobi Prime. Holders of DIDs and Soul-Bound tokens will be eligible for “Metaverse Dominica Citizenship.” The latter will be completely identical to Dominica citizenship in the real world. People who become citizens of Dominica in the metaverse will receive the appropriate document after paying the appropriate taxes.

The use of the DID will include the typical Know Your Customer verification procedure on the major exchanges, as well as the opening of appropriate bank accounts in Dominica. With the help of DID, it will be possible to apply for a loan and even register a digital business.

In 1991, Dominica became one of the first countries in the Caribbean to launch a citizenship by investment program. Since then, this model has been in great demand, as Dominica passport holders can enter more than 130 countries in various parts of the world.

More and more countries have recently been thinking about creating national digital currencies.