Tuesday, February 7, 2023
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Dominica And Huobi Partner On A Digital Identification Project

Exchange for cryptocurrencies Huobi has formed a partnership with the Commonwealth of Dominica to provide a digital identity and national token service. This service will fulfil the requirements for digital citizenship in the West Indian island country of Dominica.

Dominica, also known as the Commonwealth of Dominica, is a small island nation in the centre of the Lesser Antilles archipelago. The government is interested in investigating the metaverse and Web3 technologies in order to accelerate the technology’s development and recruit talented individuals from the ecosystem of cryptocurrencies and blockchains.

The island country is one of the first Caribbean nations to embrace a citizenship-by-investment scheme, making it one of the most developed governments in the region. Dominican passport holders can travel to more than 130 countries around the world, including the mainland of China, Hong Kong, the European Union, Switzerland, the United Kingdom, and Singapore.

Dominica’s government will work with Huobi to launch the Dominica Coin (DMC) and digital identification papers (DID). Holders of DMC will be eligible for digital citizenship in Dominica. Huobi is Dominica’s preferred cryptocurrency exchange. DMC and DID will function as credentials for a potential Dominica-based metaverse platform. They will run on the TRON network, be issued on Huobi Prime, and run on the TRON network as well.

Through the use of the BitTorrent Chain Bridge, DMC coins will be cross-chain interoperable with the Ethereum chain as well as the BNB Smart Chain. Users who have enrolled in Huobi Prime are eligible to receive the airdrop of Dominica DIDs and DMCs.

The most common applications for Dominica Digital IDs include KYC (know your customer) verification on cryptocurrency exchanges, the establishment of bank accounts in Dominica, the submission of loan applications, and the registration of digital businesses.

Huobi has revealed that it intends to move its headquarters from the Seychelles to somewhere in the Caribbean in November 2022, noting the positive attitude of the area toward cryptocurrencies. Additionally, in December 2021, Dominica became a member of the Central Bank of the Eastern Caribbean (ECCB) CBDC programme.

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Jeewan Singh is CryptoShrypto’s content writer and a seasoned writer with over two years of experience in writing about Indian Securities Market. Jeewan's participation in Blockchain and Cryptocurrency started in late 2020, and he hasn't looked back since. The technical and economic outcomes of cryptocurrency are what spark his curiosity, and he keeps one eye on the market.


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