Dominica And Huobi To Launch DID And DMC Projects
Huobi, a crypto exchange platform, has signed an agreement with the Commonwealth of Dominica. Both entities will work on a DID (digital identity documents) and DMC (Dominica Coin) project.
According to reports, holders of the DMC will be given digital citizenship in the Caribbean nation. Additionally, both projects will be built on the TRON blockchain.
It will also be launched on Huobi Prime and serve as documents for the country’s upcoming metaverse platform. Dominica, also known as the Commonwealth of Dominica, is a small island nation in the center of the Lesser Antilles archipelago.
The Dominican Republic, located nearby and much bigger, is not to be mistaken for Dominica. The government is interested in exploring Web3 technologies and the metaverse to accelerate the technology’s growth in the country.
A side benefit is that it can recruit talented individuals from the blockchain industry. The island country was among the first in the Caribbean to implement a citizenship-by-investment scheme.
Dominica passports provide holders travel access to approximately 130 nations worldwide, including Switzerland, Hong Kong, mainland China, Singapore, and the United Kingdom.
Furthermore, using the BitTorrent Chain bridge, the DMC tokens would be compatible with the BNB Smart Chain and Ethereum. Huobi added that its prime users would receive an airdrop of the Dominica DMC.
Advantages Of The Dominica DIDs
Meanwhile, one primary uses of the Dominica DIDs include KYC verification on crypto exchanges, registration of digital enterprises, loan applications, and account openings in the country.
In other news, Huobi recently relocated its HQ to the Caribbean from Seychelles earlier this month. According to Huobi, the Caribbean has crypto-friendly regulations and speaks English.
In 2021, Huobi representatives met with Roosevelt Skerrit, the Prime Minister of Dominica. Both parties agreed to help enhance the country’s crypto infrastructure jointly.
Furthermore, Dominica adopted the ECCB (Eastern Caribbean Central Bank) CBDC program last December. The ECCB introduced the “EC dollar” CBDC earlier in March 2021.
The CBDC, in partnership with DCash, was launched in Grenada, Saint Lucia, Nevis, Antigua and Barbuda, and Saint Christopher.
Meanwhile, DCash is a payment mechanism mainly intended to be used with the virtual EC currency. Holders can use the wallet application to conduct purchases and transfer CBDCs from one person to another, provided they are citizens of countries under the ECCU (Eastern Caribbean Currency Union).
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