Dominica is home to about 72,000 people and is located in the middle of the Lesser Antilles archipelago. This is not the well-known Dominican Republic. The government of Dominica is currently looking to explore metaverse and Web3 technologies to support its development and attract new talent from the cryptocurrency and blockchain ecosystem. The island nation is one of the first Caribbean countries to adopt a citizenship-by-investment program. Dominica passports allow access to more than 130 countries worldwide, including mainland China, Hong Kong, the European Union, Switzerland, the United Kingdom and Singapore.
The Government of Dominica will work with Huobi to issue Dominica Coin (DMC) and Digital Identity Documents (DID) with DMC holders being granted digital citizenship in the country. DMC and DID will run on the TRON network and will be issued on Huobi Prime and serve as credentials for the future metaverse platform. DMC tokens will be cross-chain compatible with Ethereum and BNB Smart Chain via BitTorrent Chain bridge. Registered Huobi Prime users are eligible for DMC and Dominica DID airdrop. Primary use cases for the Dominica DID include Know Your Customer (KYC) verification on cryptocurrency exchanges, opening bank accounts in Dominica, as well as loan applications and digital business registrations.
Huobi unveiled plans to move its headquarters from the Seychelles to the Caribbean by the end of 2022, as the region is very welcoming to cryptocurrencies. Dominica also adopted the Eastern Caribbean Central Bank (ECCB) CBDC program in December 2021.