Dominica Coin (DMC)

2022: Token Issue

On November 29, 2022, it became known that Dominica became the first country in the world to issue a national token - Dominica Coin (DMC). The project involves the cryptocurrency exchange Huobi, the decentralized entertainment content platform TRON and DMC Labs.

The Commonwealth Government of Dominica has approved the release of the DMC as well as the Digital Identity (DID). In the future, it is planned to provide interaction with Ethereum and BNB Smart Chain through the BitTorrent Chain protocol. Users will be able to create non-interchangeable Soul-Bound Tokens (SBT) on the TRON network - this is a type of NFT asset that is released in a single copy. Its owners will be eligible for Dominica citizenship in the metaverse Dominica Metaverse.

Dominica released the world's first national token

In addition, DMC holders will be given the opportunity to obtain passports issued by the Dominica government. This will allow visa-free access to more than 130 countries and regions around the world, including Switzerland, Great Britain, Singapore, Russia, Brazil, Hong Kong, etc. It is planned to provide DID owners with certain privileges: for example, they will be able to use a digital identity card to open a bank account, apply for loans, register companies providing digital services.

By building a digital state using metaverse and Web 3.0 technologies, Dominica will overcome geopolitical restrictions and be deeply involved in the process of globalization, the report said.

The Commonwealth of Dominica's emphasis on digital assets puts this state on the island of the same name from the group of Lesser Antilles on a par with El Salvador, which in 2021 became the first country to accept bitcoin as legal tender. However, El Salvador's initiative has not yet paid off due to the collapse in the value of cryptocurrency.^[1]

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