Dominica Works with Huobi to Issue National Crypto Token

It will issue two cryptocurrency tokens, DMC and DID.

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.