Tron has been officially recognized as a legal form of currency by St Maarten, a country in the Kingdom of Netherlands. However, on January 24, Justin Sun revealed that TRON [TRX] had reached a new goal, moving closer to the network’s goal of rapid adoption worldwide.
— H.E. Justin Sun🌞🇬🇩🇩🇲🔥₮ (@justinsuntron) January 23, 2023
The economy of the local community is promoting the use of blockchain technology in a responsible manner. Instead of creating a new system from scratch, MP Rolando Brison is looking to the island of Dominica as a model.
Furthermore, Dominica recently adopted Tron as its official blockchain, and Brison has been working diligently on regulations for virtual assets.
Justin Sun announced the achievement on October 12 by noting that Dominica now accepts TRX, BTT, JST, NFT, USDD, USDT, and TUSD as payment methods.
It is official! All #TRON cryptos including #TRX #BTT #JST #NFT #USDD #USDT #TUSD are granted statutory status as authorized digital currency and medium of exchange in the commonwealth of Dominica effective on October 7th 2022 🇩🇲 https://t.co/p97zJkzhUe pic.twitter.com/kbejwXrkXt
— H.E. Justin Sun🌞🇬🇩🇩🇲🔥₮ (@justinsuntron) October 12, 2022
Dominica’s decision to adopt Tron was a significant milestone in its integration of blockchain technology. The Tron protocol is renowned for its efficient and cost-effective cryptocurrency settlement system.
Brison said we must take proactive measures to avoid the severe risk of continuing to have completely uncontrolled cryptocurrencies in St. Maarten. Since the Tron Protocol is at the forefront, I’m using my right of initiative to bring this law into being.
TRON Price Review
Gains were quickly recorded on TRX’s daily chart in response to this event. TRX’s price rose 2% during the previous 24 hours, according to CoinMarketCap. It had a market value of more than $5.7 billion at the time of writing and was trading at $0.063. Additionally, TRX’s metrics performance appeared to be pretty positive.
As an illustration, TRX’s one-day price volatility increased as a result of the recent price increases. The network’s social volume grew as well, demonstrating its rising popularity.
Furthermore, TRX was sought in the futures market due to its high Binance Funding Rate. But over the past few days, TRX’s development activity has decreased, which might be problematic for the network.