Cryptocurrency exchange Huobi has partnered with the Commonwealth of Dominica to launch a digital identity and national tokens service that promises digital citizenship for the Antillean island nation.
Dominica, not to be confused with the nearby and larger Dominican Republic, has about 72,000 inhabitants and is situated in the center of the Lesser Antilles archipelago. The government wants to explore the technology of the metaverse and Web3 to boost its development and attract talent from the cryptocurrency and blockchain ecosystem.
The island nation is one of the first countries in the Caribbean to adopt a citizenship by investment program. Dominica passports allow access to more than 130 countries around the world, including mainland China, Hong Kong, the European Union, Switzerland, the United Kingdom, and Singapore.
The Dominica government will partner with Huobi to issue Dominica Coin (DMC) and Digital Identity Documents (DID), and DMC holders will receive digital citizenship of the country. DMC and DID will run on the TRON network and broadcast on Huobi Prime and serve as credentials for a future Dominica-based metaverse platform.
The DMC tokens will be compatible with the Ethereum and BNB smart chain through the BitTorrent chain bridge. Registered Huobi Prime users are eligible for the DMC and Dominica DIDs airdrop.
The main use case for Dominica DIDs includes Know Your Customer (KYC) verification on cryptocurrency exchanges, opening bank accounts in Dominica, as well as applying for loans and registering digital businesses.
Huobi unveiled plans to move its headquarters from the Seychelles to the Caribbean in November 2022, citing the region’s pro-crypto stance. Dominica also adopted the Eastern Caribbean Central Bank (ECCB) CBDC program in December 2021.
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