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Dominica releases ‘world’s first’ national crypto token

Caribbean, Antilles, Dominica, Roseau, View of the city at dusk

The Commonwealth of Dominica in the Caribbean reportedly issued its national token, DMC, on Tuesday, in partnership with crypto exchange Huobi Global, TronDAO and DMC Labs.

Fast facts

  • “DMC is the world’s first national token, as well as a symbol displaying the embracement of countries to virtual assets and metaverse,” Huobi claimed in a blog post on Tuesday.
  • Huobi said the nation would be rolling out a Dominica digital identifier (DID) that can be used as a know-your-customer verification standard to open bank accounts, apply for loans and for other financial transactions.
  • Both the DMC and Dominica DID will run on the Tron blockchain but are expected to add support for Ethereum, BSC and other public chains later via the BitTorrent Chain protocol, according to the post.
  • Dominica became one of the first countries in the world to make cryptocurrency legal tender in October when it officially recognized many tokens on the Tron blockchain, including TRX, BTT, JST, NFT, USDD, USDT, and TUSD as a medium of exchange within the country.

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