According to a recent livestream by Tron Founder Justin Sun, Ambassador to the WTO for Grenada, we should see progress on “legal tender support” in the next month
Justin Sun said he “believes the Caribbean community will be the huge supporter of cryptocurrency”
Recently we saw El Salvador make Bitcoin legal tender in their country while also using geothermal energy from volcanoes to power Bitcoin miners.
This week El Salvador released a Bitcoin Bond which was oversubscribed by $500 million with a total interest of $1.5 billion.
For a small, poor country like El Salvador Bitcoin has been a huge boon. They’ve even seen their tourism industry rise as Bitcoiners come to visit the first Bitcoin nation. Countries like Grenada and other Caribbean nations could be trying to cash in on this success as well.
TRX could be a good choice for Caribbean nations because of it’s high APR staking. Grenada specifically does not currently have access to cheap geothermal energy like El Salvador so they do not have the same mining prospects there.
However Grenada is exploring geothermal energy and may eventually decide to use it to mine Bitcoin, although their resources are more limited than other countries.
In the meantime, having a prominent person like Justin Sun as their Ambassador is likely to get them a lot of attention, and making TRX their legal tender could put them on the map and attract more investment and tourism to the country.
Currently Grenada’s monetary system is based around a US Dollar standard. Their local currency which is shared by 8 Caribbean countries is called the Eastern Caribbean Dollar and pegged to the US dollar at an exchange rate of USD$1.00 = EC$2.70.
This means, like El Salvador, these Caribbean nations are not monetarily independent and rely on the US dollar, which means they are also hurt by it’s inflation.
As the process of dedollarisation continues across the globe, we are likely to see many more countries following in the foot steps of El Salvador and making various public blockchains legal tender.