Sirwin
Sirwin

Run "DMC": The Authorized Digital Currency of Dominica (CBDCs)

By Crypto Eric | Blockchain Auditor | 12 Oct 2022


Some countries are adopting existing cryptocurrencies as legal tender. Some are creating their own new digital currencies, based on blockchain or not, such as those already released in places like the Bank of Jamaica's Jam-Dex (1), the Eastern Carribean Central Bank's DCash (2), and the Digital Bahamian (Sand) Dollar (3) from the Central Bank of The Bahamas.

News today is from the latest country to leverage existing coins and tokens as their authorized digital currency. The Commonwealth of Dominica has passed a new Crypto Ordinance, noting that all TRON cryptos will be an authorized digital currency and medium of exchange - or as the ordinance notes, the government in the Commonwealth of Dominca may accept Tron Crypto payments for public service, including tax payments, when and where the necessary infrastructure for transaction is available. (4)

TRON has been endorsed by Dominica to issue Dominica Coin ("DMC"), a "blockchain-based fan token", "to help promote Domica's global fanfare for its natural heritage and tourism attractions." (5)

The acceptance of TRON is a departure from other countries which have selected Bitcoin or its forks (Bitcoin Cash, Bitcoin SV), such as (Bitcoin) El Salvador (June 8, 2021), Central African Republic (April 22, 2022), (Bitcoin Cash): Certain countries, including Sint Maarten, and (Bitcoin SV) Tuvalu national digital ledger project.

Dominica should not be confused with the Dominican Republic. While both are in the Caribbean, they are different places. The Dominican Republic will soon receive additional attention as a new feature film, Nyad, will be released from Academy award winning directors Elizabeth Chai Vasahelyi and Jimmy Chin (Free Solo), starring Jodie Faster and Annette Bening; it was filmed in part in the DR. This despite the DR not being between Cuba and Florida, which 64 year old Diana Nyad swam across in 53 hours of grueling effort in shark-infested waters, (6)

(1) https://boj.org.jm/core-functions/currency/cbdc/

(2) https://www.dcashec.com/

(3) https://www.sanddollar.bs/

(4) http://dominica.gov.dm/images/documents/tron_DOC-20221009-WA0010.pdf more at http://dominica.gov.dm/notices/1456-government-of-dominica-enters-into-agreement-with-tron-to-adopt-blockchain-technology

(5) http://dominica.gov.dm/images/TRON_October_07.pdf

(6) https://www.imdb.com/title/tt5302918/locations

 

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Blockchain Auditor
Blockchain Auditor

The Blockchain Auditor blog is focused on accounting and audit issues related to blockchain and crypto-assets. There will be content of interest to those with an interest in topics such as accounting for cryptoassets, audit procedures related to blockchain and distributed ledger technologies, blockchain for improving audit processes, taxation of cryptoassets, and trust.

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