Cryptocurrency exchange Huobi has partnered with the Dominican Federation to roll out a digital identity and national token service that promises digital citizenship for the island nation of the West Indies.
Not to be confused with the larger Dominican Republic nearby. Dominica is home to approximately 72,000 people and is located in the center of the Lesser Antilles. The government is looking into Metaverse and her Web3 technology to drive its development and attract talent from the cryptocurrency and blockchain ecosystem.
The island nation was one of the first Caribbean nations to adopt a citizenship by investment program. A Dominican passport gives you access to over 130 countries around the world, including Mainland China, Hong Kong, the European Union, Switzerland, the United Kingdom and Singapore.
The Dominican government will partner with Huobi to issue Dominica Coins (DMC) and Digital Identity Documents (DID), and DMC holders will be granted digital citizenship in the country. DMC and DID will run on the TRON network, will be issued on Huobi Prime, and will serve as credentials for the future Dominica-based Metaverse platform.
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DMC tokens are cross-chain compatible with Ethereum and BNB smart chains via the BitTorrent chain bridge. Huobi Prime registered users are eligible for DMC and Dominica DID airdrops.
Key use cases for Dominican DIDs include KYC verification on cryptocurrency exchanges, opening bank accounts in Dominica, applying for loans, and registering digital companies.
Huobi has announced plans to move its headquarters from the Seychelles to the Caribbean in November 2022, citing the region’s crypto-friendly stance. Dominica also adopted his CBDC program of the Eastern Caribbean Central Bank (ECCB) in December 2021.
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