- St Maarten, a country in the Kingdom of Netherlands revealed plans to adopt Tron as legal tender, pushing the cryptocurrency’s adoption higher.
- The island nation believes that the adoption of Tron could boost its appeal for travelers, crucial to the country’s economy.
- Tron yielded nearly 15% gains over the past two weeks, and experts believe TRX is ready to wipe out its losses.
St Maarten revealed plans to adopt Tron as legal tender, marking a major milestone for the open-source blockchain-based operating system. The proof-of-stake blockchain was chosen by the island nation to boost its appeal for travelers.
Also read: Here’s what to expect from MATIC price as Polygon asserts dominance in Ethereum scaling solutions
St Maarten of the Kingdom of Netherlands is set to adopt Tron as legal tender
St Maarten, a constituent country of the Kingdom of Netherlands in the Caribbean has adopted Justin Sun’s Tron as a legal tender. The open-source blockchain-based operating system with smart contract functionality could boost St Maarten’s appeal for international travelers.
The local economy is promoting the responsible use of blockchain technology; instead of “re-inventing the wheel,” MP Rolando Brison is looking to the island of Dominica which recently adopted Tron as its official blockchain. Brison has worked diligently regarding virtual assets regulation.
Dominica’s adoption of Tron was a historic step in its adoption of blockchain. Tron protocol is known for its efficient and cost-effective crypto settlement system. Brison was quoted as saying:
Allowing cryptocurrency to continue totally unregulated in St. Maarten is extremely risky, and we have to be proactive. Hence I use my right of initiative to bring this law with the Tron Protocol at the forefront, with possibilities later for other blockchains to be incorporated; this too can be done in line with other countries like St. Kitts, who I know, are also working on their own legal tender legislation.
Brison believes that the collaboration with Tron as its designated blockchain infrastructure would help the island nation benefit from its fast-growing and inclusive global ecosystem to further strengthen its appeal for international tourism.
Tron price yielded 15% gains and is on track to witness a bullish breakout. CryptoMellany, a cryptocurrency analyst, has set a target of $0.08, the 38.2% Fibonacci retracement.
Tron/USDT price chart
As seen in the chart above, the altcoin’s price is at the 23.6% Fibonacci Retracement Level of $0.0627.
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers. The author will not be held responsible for information that is found at the end of links posted on this page.
If not otherwise explicitly mentioned in the body of the article, at the time of writing, the author has no position in any stock mentioned in this article and no business relationship with any company mentioned. The author has not received compensation for writing this article, other than from FXStreet.
FXStreet and the author do not provide personalized recommendations. The author makes no representations as to the accuracy, completeness, or suitability of this information. FXStreet and the author will not be liable for any errors, omissions or any losses, injuries or damages arising from this information and its display or use. Errors and omissions excepted.
The author and FXStreet are not registered investment advisors and nothing in this article is intended to be investment advice.
Recommended Content
Editors’ Picks
Michael Saylor predicts Bitcoin to surge to $100K by year-end
MicroStrategy's executive chairman, Michael Saylor, predicts Bitcoin will hit $100,000 by the end of 2024, calling the United States (US) election outcome the most significant event for Bitcoin in the last four years.
Ripple surges to new 2024 high on XRP Robinhood listing, Gensler departure talk
Ripple price rallies almost 6% on Friday, extending the 12% increase seen on Thursday, following Robinhood’s listing of XRP on its exchange. XRP reacts positively to recent speculation about Chair Gary Gensler leaving the US Securities and Exchange Commission.
Bitcoin Weekly Forecast: New high of $100K or correction to $78K?
Bitcoin surged to a new all-time high of $93,265 in the first half of the week, followed by a slight decline in the latter half. Reports highlight that Bitcoin’s current level is still not overvalued and could target levels above $100,000 in the coming weeks.
Top 3 Price Prediction Bitcoin, Ethereum, Ripple: BTC to 100k or pullback to 78k?
Bitcoin and Ethereum showed a modest recovery on Friday following Thursday's downturn, yet momentum indicators suggest continuing the decline as signs of bull exhaustion emerge. Ripple is approaching a key resistance level, with a potential rejection likely leading to a decline ahead.
Bitcoin: New high of $100K or correction to $78K?
Bitcoin (BTC) surged up to 16% in the first half of the week, reaching a new all-time high of $93,265, followed by a slight decline in the latter half. Reports suggest the continuation of the ongoing rally as they highlight that the current trading level is still not overvalued and that project targets are above $100K in the coming weeks.
Best Forex Brokers with Low Spreads
VERIFIED Low spreads are crucial for reducing trading costs. Explore top Forex brokers offering competitive spreads and high leverage. Compare options for EUR/USD, GBP/USD, USD/JPY, and Gold.