The government of Dominica has collaborated with blockchain platform TRON, in what is being called the highest level of cooperation between such an enterprise and a sovereign state.
On the heels of the Virtual Asset Business Act passed in Parliament earlier this year, plans are in effect for TRON to issue the Dominica Coin (DMC).
The Dominica Coin (DMC), a blockchain-based fan token, is aimed at increasing the awareness of the country’s heritage as well as its global presence as a tourist attraction.
According to Prime Minister Skerrit, the Dominica government “is committed to constructing a more inclusive and diversified economy with the aid of emerging technology.”
The Prime Minister went on to acknowledge “the open and cost-effective nature of the TRON blockchain infrastructure” as a favorable factor in the decision to embrace this innovation.
TRON is among the top three largest public blockchains in the world, bolstering the odds that as Dominica’s national blockchain infrastructure this pioneering venture will serve as a blueprint for the development of the digital economy in small and medium economies.
H. E. Justin Sun, Permanent Representative of Grenada to the World Trade Organization and Founder of TRON, expressed hope that this “is the first of many technological partnerships with sovereign governments to come.”
“The TRON team and myself are delighted that Prime Minister Roosevelt Skerrit trusts TRON to develop the blockchain infrastructure that will empower their participation in the decentralized financial future,” said Sun.
As for Skerrit, he described the partnership in effusive terms.
“This is a historic step for Dominica in its drive to enhance economic growth by embracing digital innovation and appointing TRON Protocol as its designated national blockchain infrastructure,” he stated.
This is not the first time Dominica has been associated with a crypto currency.
In 2014, rumours had begun to circulate that Dominica would be the first country in the world to use the crypto currency on such a large scale. That crypto currency was bit coin.
Dr. Kenneth Darroux, minister for the Environment and Physical Planning at the time, was identified by several websites as being the main contact for the potential deal.
Initially the government provided no comment on the matter, but Darroux broke the silence in 2015 indicating that discussions were held but “…there was no formal proposal put forward by the developers or the potential businessmen to the government really on the Bitcoin issue.”
H. E. Justin Sun’s suggestion is to let everyone swap TRX to travel locally. I wonder if the local merchants who receive the currency will cry because the currency price plummets.
Although I remain a bit skeptical about everything crypto, I think most people have misunderstood this article. It is not about trading or use of any other digital currency, except the development of Dominica’s very own digital currency that can be used as financial exchange digitally. The Dominica Coin (DMC). Tron is the Blockchain with whom the USD (stable coin) is also associated. In short, this is no risk to the regular man.
https://www.investopedia.com/tech/what-tron-trx/
https://youtu.be/Uc42eWLN79s
Any transaction, which can not stand the light of day is suspect by definition.
NOWWWW????
Crypto currency is soo 2020!. Why is he focusing on this NOW? ALL crypto tokens are doing terribly – the worst its ever performed and is essentially a thing of the past. People barely want to spend REAL money on Dominica, is crytpo they going to want to spend here?
Look at what happened in El Salvador.. Another Billion will disappear soon… doh worry !
In 2015 when the government was presented with a proposal for a FREE bitcoin airdrop to anybody on island willing to participate, foolish dumbinicans refused because of a combination of politics and ignorance. At that time one Bitcoin was worth $250. Each person willing to participate was going to be airdropped $25 worth of bitcoin which equates to 0.1 BTC (at that time). Today, even as we are in deep bear market territory after BTC dropped over 50% from its previous all time high of 64K we are at 19k, That is still 76x more than $250 which means that anybody who had held on to that $25 would now have approximately $1900 just for participating in some event. Just let that sink in for a minute.
Also saying that crypto is “a thing of the past” is just pure ignorance. More work than ever is being done to create new platforms based on blockchain technology. Just because markets are down doesn’t make the technology irrelevant. Educate yourselves before your make dumb statements!
just say you lose all your money on coinbase and finish with that!
I may not be the sharpest tool in the tool shed but God did not make no fool either!
Here is why I remain skeptical about the current “two-bitcoin” craze: While Bitcoin has failed in its stated objectives, it has become a speculative investment. This is puzzling. It has no intrinsic value and is not backed by anything. Bitcoin devotees will tell you that, like gold, its value comes from its scarcity—Bitcoin’s computer algorithm mandates a fixed cap of 21 million digital coins (nearly 19 million have been created so far). But scarcity by itself can hardly be a source of value. Bitcoin investors seem to be relying on the greater fool theory—all you need to profit from an investment is to find someone willing to buy the asset at an even higher price.
US dollars have no “intrinsic value” nor does the EC dollar but you use that all the time. Bitcoin serves one of the most important purposes of money – store of value. It has outperformed USD by a large margin for the past decade. Anybody who converted their USD to Bitcoin even just 4 years ago is doing much better now than those that didn’t. Don’t confuse this crap that the government is trying to bring about with well established cryptocurrencies that are supported by a network of thousands of nodes with unmatched transaction security. That’s why even banks now are getting into crypto even if they try to give the impression that they are against it
To be frank, I am not a proponent of cryptocurrency, or any alternative means of payments that are opaque or used to finance deals on the dark web. Mr. Sun was born in China, a country which has banned crypto currencies, but he also has a diplomatic passport from Grenada provided by Ex P.M Keith Mitchell, who I do not believe is a political fellow traveller of Roosevelt Skerrit.
So what is the purpose of introducing this Tron coin to Dominica now? Can we pay our civil servants with it, our doctor’s bill, the baker or the butcher? Or is it a sophisticated Ponzi scheme, similar to old fashioned pyramid selling, playing on greed? As for myself, I will stay away from it. I have nothing to hide and my income flow can withstand any scrutiny. I would like to keep it that way if you don’t mind Mr. Skerrit.
Skerrit already make it law https://dominica.gov.dm/images/documents/tron_DOC-20221009-WA0010.pdf
So according to that you can pay the government in TRON and other crypto directly, they should be accepting it as legal tender
That is the pitfall my friend. If you want to pay the government in Tron you first have to buy it, and what with? Good old fashioned dollars or Euros? I’m sure the government wont refuse that old fashioned money either.
I am sorry but I don’t trust this at all and will stick with hard cash that is easily convertible and I don’t even want to touch things like Naira. Will our government accept this Tron as payment for CBI passports? Man, stay away from this if you want to sleep easy and tell Skerrit to stuff his Tron but give me U.S. dollars anytime because that is what finances world business, oil, gold any global commodity and you don’t have to be a friend of the U.S.A. if you don’t like that country but it is a fact that the U.S.$ is a world currency that is accepted everywhere and these crypto currencies are too mal prop.
Everything that aids the CM to be even more vague and opaque about the CBI funds/income and his general financial dealings MUST be be attractive to him. Shame he never ever attends any press briefings with questions, otherwise we would discover that he hasn’t even the most basic understanding of TRON.
“the highest level of cooperation between such an enterprise and a sovereign state.”
Why is it that every time this government make some ridiculous move to they give some grandiose description? If I had any doubt about the government being involved in money laundering this Tron move right convinces me they are. On another note just look what’s happening in El Salvador after they passed their Bitcoin law in 2021.
Wow really?? TRON? Justin Sun? This guy has one of the worst reputations in crypto. TRON is NOT one of the top 3 blockchains, not by a long shot. Bitcoin, Ethereum, Binance Smart Chain, Cardano etc all have much larger market caps. Crypto is supposed to be decentralized, not pushed by centralized government.
BTW if the government really wants to do something to encourage technological innovation in the country they would reduce or completely eliminate the excessive import duties on electronics. You have to pay almost half the price of a computer just to get it here after paying how much money for shipping etc. How can we compete with people in the US etc when people get stuff shipped to their door for free in a few days
You are so right. The parts that I have to order from the States cost me almost double the amount to get them to Dominica. And unless I pay exorbitant courier charges, they take up to five weeks to get here.
“Fools rush in where angels fear to tread.” This is precisely what is happening with this very risky venture that Roosevelt is about to embark on. There has been no consultation nor education of the public about this. The “I Run Tings” policy is fully at play here.
Many of the best financial experts have warned countries and individuals of the grave and many hazards of dabbling in the crypto-currency adventure. Here are just a few:
*volatility of the currency *lost wallets *outright scams *major crashes and panic buying.
This is a next pathetic attempt to hog the headlines locally and regionally to fool people into thinking that Dominica is part and parcel of modernity. This is not even remotely true.
H. E. Justin Sun, Permanent Representative of Grenada to the WTO and Founder of TRON, expressed hope that this “is the first of many technological partnerships with sovereign governments to come.”
“The TRON team and myself are delighted that Prime Minister Roosevelt Skerrit trusts TRON to develop the blockchain infrastructure that will empower their participation in the decentralized financial future,” said Sun.
As for Skerrit, he described the partnership in effusive terms. “This is a historic step for Dominica in its drive to enhance economic growth by embracing digital innovation and appointing TRON Protocol as its designated national blockchain infrastructure,” he stated.
I have two questions for the eagerly enthusiastic desperate Dominica Prime Minister Roosevelt Skerrit who is looking for a quick win after 20 years of destroying the economy of Dominica:
1. Why has Sun’s own country of Grenada not adopted TRON?
2. Can we see your SWOT and PESTLE risk analyses for TRON…
We will live to regret this discussion.
https://www.reddit.com/r/CryptoCurrency/comments/y24m03/tron_becomes_legal_tender_in_dominica/