AirdropsBinance Coin (BNB)BitTorrent Token (BTT)BlockchainCentral Bank Digital CurrenciesChinaCrypto LoanCryptocurrency RegulationEthereum (ETH)Hong KongMetaverseNewsTron (TRX)Web3

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.

📰 Also read:  Trading Volume vs. Onchain Volume - What is the Difference?

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).

📰 Also read:  Bitcoin Targets $138K After ATH Breakout, Altcoins Join the Rally

Tokenhell produces content exposure for over 5,000 crypto companies and you can be one of them too! Contact at info@tokenhell.com if you have any questions. Cryptocurrencies are highly volatile, conduct your own research before making any investment decisions. Some of the posts on this website are guest posts or paid posts that are not written by Tokenhell authors (namely Crypto Cable , Sponsored Articles and Press Release content) and the views expressed in these types of posts do not reflect the views of this website. Tokenhell is not responsible for the content, accuracy, quality, advertising, products or any other content or banners (ad space) posted on the site. Read full terms and conditions / disclaimer.

📰 Also read:  Tether Explores Boron Tokenization as Part of Turkey's Crypto Strategy

Bradley Nelson

Bradley Nelson is a US based cryptocurrency news writer for Tokenhell, he helps readers stay up to date with the latest trends and news from the blockchain and crypto world. Bradley has been a crypto enthusiast since 2018.

Leave a Reply

Your email address will not be published. Required fields are marked *

Back to top button
Close
Skip to content