Key Takeaways
- St. Maarten may soon adopt TRON-based cryptocurrency as legal tender.
- Member of Parliament Rolando Brison has initiated a proposal for a law to designate TRON as the country’s blockchain infrastructure and TRON-based cryptocurrency as legal tender for everyday usage.
- St. Maarten’s neighbor, Dominica, officially announced TRON as its national blockchain and adopted seven TRON-based cryptocurrencies as legal tender in October 2022.
The government of the eastern Caribbean island of St. Maarten may soon adopt TRON-based cryptocurrency as a legal tender, according to Member of Parliament Rolando Brison, reports St. Martin News Network.
Brison has been vocal about the benefits of blockchain technology and cryptocurrency for the island’s economy and initiated a proposal for a law to designate TRON as the country’s blockchain infrastructure and TRON-based cryptocurrency as legal tender for everyday usage.
Brison, the leader of the United People’s Party and 2nd Vice Chairman of St. Maarten’s Parliament, has previously announced that he would like to see St. Maarten become the “Crypto Capital of the Caribbean.”
In fact, he made headlines last year, when he announced “he’s become the first elected official to request his entire salary paid in bitcoin cash.”
H.E. Justin Sun, founder of TRON, tweeted about the milestone: “Another milestone for #TRON! St Maarten to adopt TRON as legal tender marks another achievement for our push [toward] worldwide blockchain adoption.”
In October 2022, neighboring island Dominica officially announced TRON as its national blockchain and adopted seven TRON-based cryptocurrencies as legal tender. Dominica also adopted seven TRON-based cryptocurrencies TRX, BTT, JST, NFT, USDD, USDT, and TUSD as legal tender effective on October 7th 2022. Dominica has also planned to issue a blockchain-based national token to grant digital citizenship.
Brison is now working to translate “the law in a manner that fits our Dutch legal system and local economy,” said the St. Martin News Network.
He feels that collaboration with TRON will connect St. Maarten’s economy with the fastest-growing DeFi ecosystem in the world, thus increasing the island’s attractiveness both for innovative entrepreneurs as well as international tourists.
He also highlighted that the Eastern Caribbean Central Bank legislation is a great framework for regulation that focuses on protecting the consumer, the economy, and ensuring that virtual asset oversight does not spiral out of control, without stagnating potential growth opportunities for the sector.
He wants to follow the example of St. Maarten’s southern neighbor Dominica and believes that allowing cryptocurrency to continue totally unregulated in St. Maarten is extremely risky.
“We have to be proactive. Hence I use my right of initiative to bring this law with TRON Protocol at the forefront, with possibilities later for other blockchains to be incorporated; this too can be done in line with other countries like St. Kitts, who I know are also working on their own legal tender legislation,” Brison stated.
TRON DAO is a decentralized autonomous organization governed by the community, working to decentralize the internet using blockchain technology and decentralized apps.
By partnering with TRON, Brison believes that St. Maarten’s economy will be connected to the rapidly growing decentralized finance ecosystem, making the island more attractive for entrepreneurs and tourists.
Brison plans to formally initiate St. Maarten’s legislative process in the coming weeks, in accordance with the constitutional right MPs have to propose laws, with the hope that official adoption will soon follow.
St. Maarten (Sint Maarten) is a constituent country of the Kingdom of the Netherlands in the Caribbean. It has a population of 41,486 as of January 2019 on an area of 41.44 sq km (16.00 sq mi). St. Maarten, along with Curaçao, uses the Netherlands Antillean guilder as its currency. The economy is heavily dependent on tourism, as 80% of the workforce is employed in this sector.
The proposal to adopt TRON-based cryptocurrency as legal tender in St. Maarten, initiated by Member of Parliament Rolando Brison, highlights the growing interest in the potential of blockchain technology and cryptocurrency to benefit the economy of the island. If adopted, it would make St. Maarten one of the first places in the world to officially recognize TRON and its cryptocurrency as legal tender. The proposal is currently in the legislative process, and it will be interesting to see how it develops in the coming weeks and months and what impact it will have on St. Maarten’s economy.
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