Tron partners with Dominican government to launch the Dominica ‘fan token’
Tron, one of the leading blockchain networks, has partnered with the Dominican government to issue Dominica Coin (DMC) Fan Token, according to an announcement on Oct. 7.
The DMC token, developed on the Tron blockchain, promotes the Caribbean island's heritage and tourism.
The partnership makes the Tron protocol the island nation’s ‘designated national blockchain infrastructure,’ and grants Tron’s native tokens ‘statutory status,’ meaning the tokens are now a legal tender in Dominica.
Tron’s tokens, including TRX, BTT and JST, as well as stablecoins pegged to the U.S. dollar on Tron's TRC20 protocol such as USDT and USDD will be accepted as payment methods for public services such as tax payments and to private enterprises.
The Dominican government described Tron as one of the leading global blockchains and acknowledged Tron’s efficiency and cost-effective crypto settlement system.
The government added that the exchange rates between Tron’s tokens and the East Caribbean dollar (XCD) will be freely determined by the market, while transactions between the tokens and the XCD will be free from capital gains tax.
‘Dominica is committed to developing a more diverse and inclusive economy by utilizing cutting-edge technology. As a result of the open and cost-effective nature of the TRON blockchain infrastructure, Small Island Developing States such as Dominica will be better integrated into the global economy in the future,’ said Prime Minister Roosevelt Skerrit.