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.
