Dominica has launched a digital identity program and national token in partnership with cryptocurrency exchange, Huobi.
Huobi and the Commonwealth of Dominica have joined to launch a digital identification and national token service that aims to give the West Indian island nation’s residents digital citizenship.
Dominica, which is not to be mistaken with the neighbouring, bigger Dominican Republic, is a country in the Lesser Antilles archipelago that is home to about 72,000 people.
To advance its development and entice expertise from the cryptocurrency and blockchain ecosystems, the government is looking to investigate metaverse and Web3 technology.
One of the first Caribbean nations to implement a citizenship-by-investment program is the island nation. More than 130 nations worldwide, including mainland China, Hong Kong, the European Union, Switzerland, the United Kingdom, and Singapore, accept Dominica passports as valid travel documents.
The government of Dominica will work with Huobi to issue Dominica Coin (DMC) and digital identity cards (DID), with DMC holders expected to receive digital citizenship in the nation.
DMC and DID will operate on the TRON network, be distributed by Huobi Prime, and be used as login credentials for a future metaverse platform situated in Dominica.
Through the BitTorrent Chain bridge, DMC tokens will be cross-chain compatible with the Ethereum and BNB Smart Chains. Users who have signed up for Huobi Prime are eligible for the airdrop of Dominica and DMC DIDs.
Know Your Customer (KYC) verification on cryptocurrency exchanges, creating Dominican bank accounts, applying for loans, and registering digital businesses are the main use cases for Dominica DIDs.
In November 2022, Huobi announced plans to move its headquarters from the Seychelles to the Caribbean, citing the area’s support for cryptocurrencies. In December 2021, Dominica also enacted the CBDC program of the Eastern Caribbean Central Bank (ECCB).
