Key Takeaways:
- TRON has entered into a partnership with the Commonwealth of Dominica
- The Caribbean nation is the first sovereign country to partner with a public blockchain
- TRX, the native token of TRON, rallied upon news of the partnership
YEREVAN (CoinChapter.com) — The Commonwealth of Dominica, an island nation in the Caribbean, has partnered with the decentralized blockchain operating system TRON to diversify its economy with the help of new technologies. The partnership has made TRON the first “National Blockchain” in the world.
The development comes months after the country passed the Virtual Asset Business legislation in May 2022.
“This is a historic step for Dominica in its drive to enhance economic growth by embracing digital innovation and appointing TRON Protocol as its designated national blockchain infrastructure. TRON Protocol is one of the leading global blockchain platforms, known for its efficient and cost-effective crypto settlement system,”
the Prime Minister’s Office said in an official statement
TRON to issue Dominican fan token
Through the latest agreement, TRON has received an official endorsement from the country’s authorities to issue an official fan token.
The Dominica Coin (DMC) is a Blockchain-based fan token being created to help promote Dominica’s global fanfare for its natural heritage and tourism attractions.
The blockchain’s “efficient and cost-effective crypto settlement system” was a leading reason for Dominica’s decision to partner with it.
This is the first partnership to see a nation’s Government promote blockchain technology.
TRON founder Justin Sun also announced the news on Twitter. He shared the official Government ordinance, which lists the list of TRON crypto tokens that will become legal in Dominica.
According to Tron, these include TRON (TRX), BitTorrent Token (BTT), JUST (JST), and Tether (USDT), among others.
As the ordinance, signed by the country’s Prime Minister Roosevelt Skerrit, mentions, the Government of the Commonwealth of Dominica will accept crypto payments for public services, including in the payment of taxes. Moreover, businesses can also accept the listed cryptocurrencies as payments for goods and services.
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TRON (TRX) rallies following the partnership
As news of TRON’s partnership with Dominica spread, TRX, the native token of the ecosystem, rallied. According to data on CoinMarketCap, TRX was up at least 5%.
After trading at a daily low of around $0.06125, TRX printed a long green trend line to touch $0.06432.
This comes days after TRON (TRX) hit 4 billion network transactions after rumors spread that Justin Sun was buying crypto exchange Huobi.
According to reports, Sun supposedly purchased the exchange with the help of FTX founder Sam Bankman-Fried.
The rumors began spreading after Huobi announced on October 8 that its controlling shareholder company had entered an agreement with About Capital to sell all the shares of HuobiGlobal held by the fund.
According to speculations, Sun is a core investor of this fund that acquired the majority share.
Both Justin Sun and Bankman-Fried have denied their involvement. However, the TRON founder confirmed on Twitter that he had joined the Global Advisory Board of Huobi Exchange.
Investors are hopeful that TRX will rally back to its all-time high of $0.3004 from 2018. But will it? Time will show.
