TRON Is Now a Legal Tender?

CRYPTO CORNER EPISODE 575

Market Analysis, Updates, News & Reviews

In today’s episode I discuss the latest hot topics in crypto:
►Bitcoin Breaks Through Key Resistance. Pulls the whole crypto market up with it.
►Is TRON on the path to becoming a legal tender in not one, not two, but 5 countries this year?

Take a look:

Is Tron about to become the first altcoin to be recognized as legal tender in an independent country?… or 5 countries?
Sounds like a joke, right? I thought this was a fake news kinda thing when I saw it a few days ago, but according to reports, the eastern Caribbean island of St. Maarten is making moves in that direction.
Here’s the story:
A Member of Parliament (MP) Mr. Rolando Brison, the leader of the United People’s Party and second vice chairman of St. Maarten’s parliament, who has been a firm supporter of crypto for some time now, has now initiated the proposal of a law to designate the Tron protocol as the country’s blockchain infrastructure and the Tron-based cryptocurrency – TRX, as legal tender for everyday use.
Yes, that’s true. I must say I am confused as to why the hell would you want an altcoin, if anything, when using any crypto as money, it makes sense to choose Bitcoin as it’s decentralized and hackproof – at least, that’s been tested and proven, why would anyone want to go for an altcoin that has a much smaller network?

Is it that Tron is much more centralized than people think, so the ledger could (if needed) be manipulated or maybe it is that Mr. Ronaldo Brison just doesn’t like Bitcoin – I found that in the past, he made headlines by requesting that his salary be paid entirely in Bitcoin Cash – not a very wise choice if you ask me, yes, the fees are lower on that blockchain, but not even close to being a decentralized ecosystem… so my take is – the guy is simply not a fan of BTC – impossible to control… so he’s going for a smaller, younger network with a very public frontman – Justin Sun, who is desperate to make Tron a legitimate cryptocurrency among so much criticism in the crypto community, so somehow he’s won the affection of the Caribbean region it seems.
In fact, you probably didn’t know this, but In October 2022, the Commonwealth of Dominica officially announced TRON as its national blockchain, following the passage of the Virtual Asset Business Legislation a few months earlier, which the Eastern Caribbean Central Bank assisted in drafting.
Dominica also at that time adopted seven TRON-based cryptocurrencies as legal tender. 

Did Justin Sun buy these politicians or what exactly is the case here? I understand that Ethereum fees are too high, so ok, but Bitcoin’s fees aren’t too high and there’s always layer2s like Lightning Network.. by the way, speaking of Layer 2s – catch my next episode where I will discuss these in more detail again.
But back to Tron – so, St. Maarten is now following in the footsteps of their sister-land Dominica, in adopting Tron’s ecosystem for their blockchain-based national digital financial grid. Interesting.
Maybe Tron has a place in your crypto portfolio after all… I am certainly considering. It’s on my watchlist – but I am not jumping in just yet. I want to see more details on this.
According to Justin Sun there might be more countries joining the pack. He said via a series of tweets that his goal for this year to see at least 5 countries add the Tron digital asset as a legal tender, and be “recognized by governments as a valid form of payment for goods and services.” – which could spur wider adoption of cryptocurrencies worldwide. He noted that the goal is “ambitious” but can be achieved with hard work and dedication.

To be clear: Justin Sun lives in Grenada – one of the smaller Caribbean Islands with a population of just over 100,000 people – this is like small town by any standard. He’s not only a resident there, he’s in fact the representative of Grenada at the World Trade Organisation – he’s the official country ambassador. According to wikipedia, he’s stepped down from his role as a CEO of Tron to become a diplomat for Grenada….

It’s also worth noting that Anguilla, Antigua and Barbuda, Commonwealth of Dominica, Grenada, Montserrat, St Kitts and Nevis, Saint Lucia, and St Vincent – are all sharing the same central bank – “The Eastern Caribbean Central Bank“, which is in charge with the issuance of native currencies, so by convincing members of that bank, that TRON is the blockchain to choose for their digital finance, it’s a huge win for Justin, as TRON could be adopted by all of them or at least 5 as he claims.
So it could be any of these – whoever Justin’s been able to make good friends with basically.

Is that going to make Tron a legitimate crypto?

Well, yes, but my argument is – it should be legit before any government makes it a legal tender, not the other way around.

Meanwhile, Bitcoin already enjoys a legal tender status in the Central African Republic and El Salvador.

But if you’re not at all familiar with Tron, here’s all you’re missing in a nutshell:
Founded in September 2017 by H.E. Justin Sun, the TRON network has continued to deliver impressive achievements since MainNet launch in May 2018. July 2018 also marked the ecosystem integration of BitTorrent, a pioneer in decentralized Web3 services boasting over 100 million monthly active users. The TRON network has gained incredible traction in recent years. As of January 2023, it has over 138 million total user accounts on the blockchain, more than 4.7 billion total transactions, and over $11.0 billion in total value locked (TVL), as reported on TRONSCAN. In addition, TRON hosts the largest circulating supply of USD Tether (USDT) stablecoin across the globe, overtaking USDT on Ethereum since April 2021. The TRON network completed full decentralization in December 2021 and is now a community-governed DAO. In May 2022, the over-collateralized decentralized stablecoin USDD was launched on the TRON blockchain, backed by the first-ever crypto reserve for the blockchain industry – TRON DAO Reserve, marking TRON’s official entry into decentralized stablecoins. Most recently in October 2022, TRON was designated as the national blockchain for the Commonwealth of Dominica, which is the first time a major public blockchain partnering with a sovereign nation to develop its national blockchain infrastructure.
Along with Tron’s increase in userbase and popularity in recent years, there has been a steady increase in Tron-related scam networks and schemes, mainly High-yield cloud mining or staking schemes that you should keep away from – and I mean, any of them, just don’t fall for it. The higher the returns, the more fake they are – if anything, just hold the Tron tokens and use a self-custodial wallet or use Poloniex exchange if you must – they pay you TRON staking rewards just for holding your TRON token there.
I’ve been using Poloniex since I first started with crypto and it was later acquired by Justin Sun, so it is a Tron based exchange now.
Lastly, Justin Sun is still very much the main guy when it comes to marketing and promoting the Tron ecosystem and despite having officially departed as a CEO and moving tron in the DAO direction, I would still argue that he is in charge with what happens next and the adoption of the tron network as legal tender in the Carribean region is entirely his doing – it is not the decentralized nature of the TRON DAO that attracted the government officials to this deal, so don’t fall into a TRON FOMO and go all in.
TRON could have a bright future ahead, but I smell corruption and one day this could come back to bite them. If you invest in TRON for the longer term, make sure you stay on top of all news and future developments with the Tron ecosystem and be prepared to get out at the first sight of controversy. As we saw with XRP – as soon as there’s any legal trouble, the token dumps and the value can drop significantly, quickly wiping out most of the gains, so never be complacent about the cryptocurrencies in your portfolio. That’s my advice.

☝These are my opinions, not financial advice, always DYOR.

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