Dominican Republic taps blockchain to boost economy

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The government of Dominica, a tiny Caribbean island, announced that it has tied up with Tron to launch Dominica Coin, a fan token, to boost the country’s economy. Under the agreement, Tron Protocol has been designated as Dominica’s national blockchain infrastructure that will help promote the nation’s rich cultural heritage. The announcement was made in a press release.

Tron will issue Dominica Coin (DMC), which will be a blockchain-based fan token. Fan tokens are a type of crypto token that provides exclusive membership benefits and are generally associated with sports teams, brands, and other groups. The holder of the token is entitled to membership perks, exclusive content, and other benefits.

This is the first time a country is launching a fan token. However, this is not an isolated development as many countries are experimenting with blockchain-based solutions to shore up their economies. The launch of Dominica’s fan token will help bring Tron and blockchain closer to the wider world and showcase how nations can benefit from blockchains.

A statement from Prime Minister Roosevelt Skerrit said: “Dominica is committed to building a more inclusive and diversified economy with the help of new technologies. The open and cost-effective nature of the TRON blockchain infrastructure will play a vital role to better integrate small, developing states like Dominica into the global economy in the future.”

The country is known for its beaches, resorts, and golfing and has many natural attractions, including the UNESCO-recognized world heritage site Morne Trois Pitons National Park.

The legislation that enabled the government of the Commonwealth of Dominica to sign the agreement with Tron is the Virtual Assent Business Legislation passed in May 2022. Interestingly, neighboring Caribbean regions such as St Kitts, Antigua and Barbuda have also enacted similar laws.

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