Dominica works with Huobi for digital identity program

Cryptocurrency alternate Huobi has partnered with the Commonwealth of Dominica to roll out a digital identification and nationwide token service that guarantees digital citizenship of the West Indian island nation.

To not be confused with the close by, bigger Dominican Republic, Dominica is residence to some 72,000 individuals and is located in the midst of the Lesser Antilles archipelago. The federal government is trying to discover metaverse and Web3 know-how to drive its growth and appeal to expertise from the cryptocurrency and blockchain ecosystem.

The island nation is likely one of the first Caribbean international locations to undertake a citizenship-by-investment program. Dominica passports enable entry to over 130 international locations all over the world, together with mainland China, Hong Kong, the European Union, Switzerland, the UK and Singapore.

Dominica’s authorities will companion with Huobi to problem Dominica Coin (DMC) and digital identification paperwork (DID) with DMC holders set to be granted digital citizenship within the nation. DMC and DID will run on the TRON community and be issued on Huobi Prime and can function credentials for a future Dominica-based metaverse platform.

Associated: The Caribbean is pioneering CBDCs with combined outcomes amid banking difficulties

DMC tokens shall be cross-chain suitable with the Ethereum and BNB Good Chain by way of the BitTorrent Chain bridge. Huobi Prime registered customers are eligible for the airdrop of DMC and Dominica DIDs.

The first use case for Dominica DIDs embody Know Your Buyer (KYC) verification on cryptocurrency exchanges, opening financial institution accounts in Dominica in addition to making use of for loans and registering digital enterprises.

Huobi unveiled plans to relocate its headquarters from Seychelles to the Caribbean in November 2022, citing the area’s cryptocurrency-friendly stance. Dominica additionally adopted the Japanese Caribbean Central Financial institution (ECCB) CBDC program in December 2021