Following a media release, TRON Protocol has agreed to become Dominica’s official blockchain platform. In May this year, the nation approved the Virtual Asset Business Legislation, which led to the establishment of the collaboration.
The DMC token was released to kick off the collaboration. It was established to raise public awareness of Dominica’s national resources and tourist destinations on a global scale. Dominica has long been a tourist hotspot, but its Prime Minister has always favored a fresh approach to attract more visitors.
The integration of this token represents a significant step in Dominica’s building of the future that its Prime Minister anticipated, which are robust infrastructures, a more diverse agricultural output, and cutting-edge projects.
The Prime Minister praised the transparency and affordable nature of the TRON platform, pointing out that it would be essential to successfully integrate Dominica into the worldwide economy in the long term.
The dominating influence of the US financial system has affected the economies of many, if not all, Caribbean nations. Their economy is small, and they are heavily dependent on foreign trade.
Their financial difficulties are made worse by the de-risking of banks, which resulted in the exit of correspondent financial institutions, including those for check clearing and settlement, cash administration services, global wire transfers, trade finance, and conducting capital or current account activities denominated in foreign currencies.
In general, this practice causes financial exclusion by diverting financial transactions to channels that are less regulated or uncontrolled. As a result, many people lack access to financial services, making financial services adoption based on blockchain technology crucial.
This type of partnership between a country and a gargantuan blockchain platform happens to be the first of its kind. With its gradual inception into a decentralized world, TRON is in the best position to help the Caribbean nation. TRON’S collaboration with Dominica, which boasts a sizable user base and billions of transactions, opens up a variety of use cases and lays a solid platform for future growth.