Dominica has become the first country in the world to launch a national token. The token, called Dominica Coin (DMC), will be issued by Huobi as part of its partnership with the Commonwealth of Dominica, TRON, and DMC Labs. The tokenholders, among other things, would be provided with a passport issued by the Government of Dominica.
What is Dominica Coin (DMC)?
Dominica Coin (DMC) is the official token of Dominica, a mountainous Caribbean island nation located not far from South America. Both DMC and DID are issued on the Tron blockchain and will have the TRC-20 standard.
However, the tokens will be expanded to the ERC-20 and BEP-20 standards. In the meantime, they will support cross-chain interaction with Ethereum and BNB Smart Chain through the BitTorrent Chain protocol.
According to a press release, the Dominica government has endorsed the three platforms to issue Dominica’s national token, Dominica Coin (DMC), and also its Digital Identity (DID), which could be transferred to TRON to generate Soul-Bound Tokens (SBTs), whose holders will be entitled to the “Citizenship of Dominica in the Metaverse.”
Huobi noted that its collaboration with Dominica will be “a big step toward making the Caribbean region a global crypto center.” The exchange also claimed that the Caribbean’s preferential policies on the crypto industry have convinced the platform to consider moving its headquarters to the region.
“By building a digital state using the metaverse and Web 3.0 technologies, Dominica will go beyond the geological limitation and deeply engage in the globalization process. The country is one of the first in the Caribbean to launch the Citizenship by Investment Program.”
Some Advantages of Dominica’s DMC and DID
Users will be able to buy DMC tokens through Huobi Prime. Moreover, the exchange said it will airdrop DMC tokens and enable the Dominica DID app to its registered users.
Once users have some DMC tokens, they can use them for various purposes. In the first place, similar to any other token, DMC can be used as a means of payment and will be granted a statutory status as an authorized crypto in the Commonwealth of Dominica.
Furthermore, DMC holders will have the opportunity to obtain passports issued by the Government of Dominica, which allows holders to enjoy visa-free access in over 130 countries and regions around the world, including the EU, Switzerland, the UK, Singapore, Russia, Brazil, Hong Kong, etc.
Users also need to have some DMC tokens when they want to sign up for Dominica DIDs or renew their DIDs. Finally, DMC will be the basic token of Dominica’s future Metaverse, and “holders will enjoy a variety of privileges in the Metaverse.”
Likewise, holders of Dominica’s DIDs will be granted certain privileges. For instance, they can use the digital ID to open a bank or financial account, apply for loans, register companies that provide digital services, claim digital currency airdrops, and KYC verification.
It can be argued that Dominica’s bold bet on digital assets puts the country on par with El Salvador, which became the first country to adopt Bitcoin as a legal tender last year. While El Salvador’s approach has not paid well due to the crashing Bitcoin price, it remains to be seen if Dominica manages to profit from its crypto push.
This article originally appeared on The Tokenist
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