Dominican Republic Makes Tron Network Crypto A Legal Payment Tool


Blockchain Tron has signed an agreement with the Dominican government to issue a national fan token to promote the island’s Caribbean heritage and tourism, according to an announcement on October 7, 2022.

According to the agreement, the Tron protocol is “the designated national blockchain infrastructure of the island nation.”

The regulations issued on the same day indicate that the original digital token of the Tron network has been granted “legal status,” which means that the token is now allowed to be used as a medium of exchange in the country.

Governments can now accept Tron governance tokens such as TRX, BTT and JST, as well as stablecoins pegged to the US dollar on Tron’s TRC20 protocol such as USDT and USDD, as payments for public services including tax payments.

Private companies can also accept these cryptocurrencies as payments where the necessary infrastructure for transactions is available.

With endorsement, Tron will also issue Dominican Currency (DMC), a blockchain-based token to help boost Dominica’s global excitement for its natural heritage and tourist attractions,” according to the government.

In Dominica, the exchange rate between the native Tron token and the East Caribbean Dollar (XCD) will be freely determined by the market, while the exchange between the token and XCD will not be subject to capital gains tax.”

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Previously, Bank of England Governor Andrew Bailey recently warned and offered his views on Bitcoin and cryptocurrencies. Transfer this into a future posts podcast.

His warning came after the cryptocurrency market crash, which has lost nearly $500 billion in market capitalization this month, or about IDR 7,288 trillion. Bitcoin, the largest cryptocurrency, has fallen more than 25 percent in the past 30 days.

Although Bailey acknowledges the importance of the blockchain, the technology that underpins cryptocurrencies, Bailey is not convinced by bitcoin as a payment method. He added that the British central bank is planning its own digital currency.

“In terms of payments, I don’t think it would be crypto in the bitcoin sense of the term. I don’t think it’s really a practical way to pay,” said Bailey, quoting, written on Saturday (28/5/2022).

“What I think needs to be determined is, if we are more likely to live in a world of digital currencies than older methods of payment, what form digital currency, digital use, will be exactly. Which is the accepted standard.”

He also admits that he does not own cryptocurrencies as his investment asset. He feels that Bitcoin supporters will not like him because according to him, Bitcoin has no intrinsic value.

“It can have an extrinsic value in the sense that people want to have it. People collect all kinds of things but they have no intrinsic value,” he said.

Bailey has never been a fan of Bitcoin or cryptocurrency. Last month, he said, cryptocurrency created “opportunities for really criminal criminals.”

In March of last year, he said that cryptocurrencies were dangerous. Later in November, Bailey raised concerns about El Salvador’s adoption of bitcoin as legal tender alongside the US dollar.

Previously, the Middle East and North Africa (MENA) was the fastest growing cryptocurrency market in the world, with the volume of cryptocurrencies accepted in the region increasing by 48% in the year to June, blockchain researcher Chainalysis said in a report on Wednesday, October. 5, 2022.

Previously, the MENA region was one of the smallest cryptocurrency markets, but now its growth has reached 566 billion USD or IDR 8617 trillion received in cryptocurrency between July 2021 to June 2022. This shows that adoption is increasing. quickly.

Meanwhile, Latin America experienced the second largest growth in the same period, at 40 percent. North America came next with a growth of 36 percent, followed by Central and South Asia and Oceania with a growth of 35 percent, said the Chainalysis report, which was carried by the channel. News Asia, Thursday (10/13/2022).

Three countries in the Middle East and North Africa are among the top 30 in the Chainalysis 2022 Global Crypto Adoption Index, with Turkey at 12th, Egypt at 14th, and Morocco at 24th.

“In Turkey and Egypt, fluctuations in the price of cryptocurrencies have coincided with the rapid depreciation of (conventional) fiat currencies, enhancing the attractiveness of cryptocurrencies to keep savings,” said Chainalysis.

Turkey leads the MENA region in terms of cryptocurrency value received so far, receiving $192 billion in cryptocurrencies in the year to late June, despite only seeing 10.5 percent growth year-over-year.

Afghanistan, which ranked 20th in Chainalysis’s adoption index last year, slipped to the bottom of the list because Taliban authorities “equated cryptocurrency with gambling,” which is forbidden in Islam.

From November 2021 to date, users residing in Afghanistan received an average of less than $80,000 per month from an average of $68 million per month prior to the Taliban takeover.

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