Huobi announces plans to issue the world's first national token

Huobi announces plans to issue the world's first national token
The coin, approved by the government of the Commonwealth of Dominica island state, will be issued on the Tron blockchain

Crypto exchange Huobi has announced plans to launch the world's first national token in honor of the Commonwealth of Dominica. In cooperation with blockchain Tron Network and DMC Labs and with the approval of the island nation's government, the Dominica Coin (DMC) coin will be launched on the Tron network.

The Commonwealth of Dominica is a state on the island of the same name in the Lesser Antilles in the Caribbean Sea. Its area is 751 km² and its population is about 75,000 people. The official currency is Eastern Caribbean dollar, which is used in 8 countries of the Organization of Eastern Caribbean States (OECS).

The Huobi project will also include the launch of the Dominica DID identifier. Both Dominica DID and DMC will initially be issued on the Tron network, which has become Dominica's national blockchain infrastructure. In the future, the developers plan to make the DMC token interoperable with Ethereum, BSC and other networks via the BitTorrent Chain protocol.

DMC will be released on Huobi Prime (a platform for conducting IEO - initial public offering of tokens). In addition, the exchange will conduct an airdrop of DMC tokens (giveaway) and include a Dominica DID application for each registered user, the announcement said.

Users will be able to create Tron Soul-Bound Tokens (SBT or non-transferable token - a type of NFT asset that is issued in a single instance and tied to a specific blockchain address) using Dominica DID in the network. In the Metaverse Dominica meta-universe, SBT holders will be entitled to digital citizenship of that meta-universe, with the ability to claim passports issued by the Dominica government, which allow holders visa-free access to more than 130 countries and regions around the world, including the EU, Switzerland, the UK, Singapore, Russia, Brazil and Hong Kong.

Just like TRX and USDD tokens, DMC will have legal status in the Commonwealth of Dominica and can be used as a means of payment in that country.

Last week, the Justin Sun-led crypto exchange announced a name change and plans for increased expansion. The platform said it intends to establish a presence in the Caribbean region because of the crypto platform's favorable regulatory stance and regulations, as well as the widespread use of English in the region.