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HomeAltcoinsTron partners with Dominican government to authorise tron-native tokens as legal tender

Tron partners with Dominican government to authorise tron-native tokens as legal tender

On October 12, Justin Sun, creator of Tron, signed an agreement with the Dominican government to authorise tron-native tokens as a mode of payment in the Caribbean island, Dominica. Justin Sun via its twitter post revealed that Dominica will now accept Tron tokens such as JST, USDT, TRX, TUSD, USDD, NFT, and BTT as a form of payment.

Dominican government

According to a government crypto ordinance, Tron native tokens will be accepted as public payments, including tax payments and business payments for their services.

The Dominican government stated that the market will determine the exchange rate between the Tron cryptocurrency and the East Caribbean Dollar (XCD). Apart from that, all transactions occurring between the two assets will be tax-free.

Additionally, Tron is intending to create a blockchain-based fan token, Dominica money (DMC), to “assist foster Dominica’s global recognition for its natural heritage and tourist destinations.”

Roosevelt Skerrit,  Prime Minister of Dominica stated, “The open and cost-effective nature of the TRON blockchain framework will play an important part. To effectively incorporate Dominica and other small island developing nations in the future global economy.”

At the end of 2021, Justin Sun resigned as CEO of the Tron Foundation, to advance the adoption of digital currencies in underdeveloped nations, starting with the Caribbean. 

Justin Sun was chosen to represent Grenada as its ambassador to the World Trade Organization in December 2021. Justin’s role is to concentrate on promoting cryptocurrencies which may lead to the WTO appreciating the benefits of blockchain technology, which will help the entire industry.

Justin Sun expressed that by getting proper training, countries like Grenada may see a faster rate of crypto acceptance than major powers like the United States, which still have a conservative opinion on the topics like blockchain and cryptocurrencies.

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