The Commonwealth of Dominica, a small island country in the Caribbean, is working on issuing its own national cryptocurrencies, Dominica Coin (DMC), and Digital Identity (DID). The newly created DMC Labs will work on the project's implementation with the Huobi cryptocurrency exchange and the developers of the TRON blockchain .
According to the press release, DID and DMC will be based on the TRON network and launched on Huobi Prime as an official state blockchain infrastructure giving access to the world of Web3.
All token holders will receive digital citizenship of Dominica in the metaverse, which is expected to reflect the real island in the digital world. Holders will also be able to obtain physical certificates upon payment, the amount of which has not yet been determined. The DID will allow people to open bank accounts in the country, apply for loans or register digital businesses.
"Huobi's collaboration with Dominica is a big step toward making the Caribbean region a global crypto center. It will create a new trend of cooperation between the crypto industry and sovereign countries," the press release stated.
Dominica is a small island with a population of about 70,000 people. However, with the help of cryptocurrencies, it wants to become a place that will attract entrepreneurs, businesses and supporters of the Web3 revolution.
Caribbean May Become New Crypto Hub
Huobi, a major cryptocurrency exchange founded in China, has recently rebranded from 'Huobi Global' to 'Huobi' and started its global expansion by establishing its new branch in the Caribbean. According to Huobi's representatives, the local laws support crypto expansion and the common use of the English language makes business more accessible.
"Caribbean's preferential policies on the crypto industry have attracted a myriad of leading crypto companies to this region. Backed by Huobi, TRON, and other leading crypto platforms, Dominica took the lead and began exploring the metaverse and Web 3.0," the press release added.
By building a digital nation in the metaverse, Dominica can become an important part of the cryptocurrency revolution. Despite its inconspicuous size, it may grow as a regional crypto leader.
