The Dominican government engaged into the deal in May 2022, after the approval of the Virtual Asset Business Act. Dominica has taken a historic step in its effort to boost economic development by embracing digital innovation and designating Tron Protocol as its national blockchain infrastructure.
The protocol is one of the major blockchain platforms on a worldwide scale, renowned for its fast and cost-effective crypto settlement mechanism. Tron has got official approval to create Dominica Coin (“DMC”), a blockchain-based fan token that will aid in promoting Dominica’s natural heritage and tourist attractions abroad.
“Dominica is dedicated to developing a more inclusive and diverse economy using new technology,” said Skerrit. Future integration of Small Island Developing States like Dominica into the global economy will be significantly facilitated by the open and cost-effective characteristics of the blockchain technology.
The new relationship’s broad terms enable the Government of Dominica to accept Tron Crypto Payment for public services, including tax payments. Economic Agents in the Commonwealth of Dominica may take Tron crypto as payment for an item or service, and there will be no capital gains tax on transactions between Tron crypto and EC$.