On October 7 (AST), the Government of Dominica announced on its official website that it had entered into an agreement with TRON, appointing TRON Protocol as its designated national blockchain infrastructure. Meanwhile, TRON has obtained the government’s endorsement to issue Dominica Coin (DMC), the country’s fan token. This agreement is, to date, the highest level of cooperation between a sovereign state and a blockchain platform, which cements TRON’s legal status as the national blockchain infrastructure of Dominica. With this deal as a prelude, TRON is poised to create a new trend of introducing blockchain-based applications to sovereign states.
The news has sent shock waves across the blockchain industry, with some of the industry practitioners crying that “Dominica is now a territory of the TRON States.” The partnership between TRON and Dominica has created many more use cases for blockchain technology and laid the foundation for its success in the future.
An island country in the Caribbean region, Dominica has an economy mainly based on agriculture and tourism. Just like Grenada, the country uses the Eastern Caribbean dollar (EC$ or XCD), a currency pegged to the U.S. dollar. The Caribbean, home to 25 sovereign countries and 14 regions, has become the superstar for the development of cryptocurrencies, making itself an integral part of the crypto and blockchain industries. Mostly small islands with relatively simple economic systems, the Caribbean is heavily dependent on trade and faces the challenges of insufficient foreign exchange reserves (U.S. dollar) and lack of financial infrastructure. The rise of blockchain has brought new opportunities for economic and social development in this region. Jamaica and Puerto Rico, among other countries and regions, are actively embracing cryptocurrencies and blockchain to speed up their growth. Now, as Dominica and TRON strike up a partnership, this Caribbean country has joined its neighbors to welcome this innovative technology.
The collaboration between TRON and Dominica has been long planned. WICNEWS, the largest news website in the Caribbean, reported that the partnership was formed right after the Virtual Asset Business Act was passed in this island country in May. TRON has obtained the government’s endorsement to issue Dominica Coin (DMC), a blockchain-based fan token, to help promote Dominica’s global fanfare for its natural heritage and tourist attractions.
An official statement by Dominica stated that TRON Protocol is one of the leading global blockchain platforms, known for its efficient and cost-effective crypto settlement system. The country is taking a historic step towards enhanced economic growth by embracing digital innovation and appointing TRON Protocol as its designated national blockchain infrastructure.
The Government of Dominica has been committed to building a more inclusive and diversified economy with the help of new technologies, according to Roosevelt Skerrit, Prime Minister of Dominica.
“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,” Roosevelt Skerrit added.
Founded in 2017 by Justin Sun, TRON has grown to one of the largest public chains, boasting over 115 million users, over 4 billion transactions, and over $50 billion in on-chain assets. Forbes, the world-renowned business media, earmarked TRON as “one of the largest decentralized organizations”. The future goal for TRON is to become a mainstream financial service provider.
While advancing the underlying technologies of TRON and building a comprehensive blockchain ecosystem, Sun is also dedicated to promoting regulatory compliance and the adoption of blockchain worldwide. In late 2021, Sun was appointed as Ambassador and Permanent Representative of Grenada to the WTO. He said that during his tenure, he would proactively promote the integration of cryptocurrencies and sovereign states to build a new financial system that is secure, efficient, and inclusive. Moreover, he would also leverage his experience in the field of digital industry for a joint response to the new challenges regarding digital transformation in the post-pandemic era.
The WTO’s 12th Ministerial Conference (MC12) was held in June this year in Geneva, Switzerland. Sun stated at the conference, where he participated as head of the Grenada delegation, that blockchain and stablecoins can empower trade, e-commerce and many other industries, and that blockchain and crypto technologies can inject impetus into the economies of Small Island Developing States (SIDS) in the Caribbean region.
At TOKEN2049 and the ninth Milken Institute Asia Summit, both just concluded in Singapore, Sun also said that the crypto industry is poised to become the mainstream in the next decade. He believes that blockchain technology and the crypto industry can bring blockchain-powered finance to mass adoption, which benefits everyone across the globe and addresses regulators’ concerns by keeping risks to a minimum.