blockchain network Tron (TRX) altcoin, According to an announcement, it has signed an agreement with the government of Dominica to issue a national fan token to promote the Caribbean island’s heritage and tourism.
Under the agreement, the Tron protocol will be the “designated national blockchain infrastructure” of the island nation. A regulation issued the same day indicates that the local digital tokens of the Tron network have been given “legal status,” meaning the tokens are now authorized to be used as a medium of exchange in the country.
All Altcoins Working On Tron Network Can Be Accepted As Payment In Dominica According To The Statement
According to the decision the government TRX, BTT and JST It can accept USDT and USDD stablecoins pegged to the US dollar in Tron’s TRC20 protocol as payment for utilities, including tax payments.
Private enterprises can also do this “in cases where the necessary infrastructure for the transaction is available”. cryptocurrency may accept units as payment.
With this approval, the Tron altcoin will also issue Dominica Coin (DMC), a blockchain-based fan token, with the aim of “helping Dominica become known worldwide for its natural heritage and tourism attractions,” according to the government.
It is official! all #TRON cryptos including #TRX #BTT #JST #NFT #USDD #USDT #TUSD are granted statutory status as authorized digital currency and medium of exchange in the commonwealth of Dominica effective on October 7th 2022 🇩🇲 https://t.co/p97zJkzhUe pic.twitter.com/kbejwXrkXt
— HE Justin Sun🌞🇬🇩🇩🇲🔥 (@justinsuntron) October 12, 2022
It is unclear how Tron was selected for this role, but Dominica Prime Minister Roosevelt Skerrit said in a press release that the “open and cost-effective nature” of the protocol “will play a vital role in better integrating Small Island Developing States like Dominica into the global economy in the future.”
Justin Sun, the founder of Tron, stepped down as the network’s CEO last year to become the Caribbean country of Grenada’s ambassador to the World Trade Organization. At the time, he said he would focus on legitimizing crypto in Latin American countries.
*Not investment advice.
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