Justin Sun aims for "Five National Fiat Currencies," believes China will adopt TRX.

Following Dominica, Tron founder Justin Sun boasts again that by 2023, five more countries will recognize TRX as a legal tender. Which countries might they be?

2022: Dominica Recognizes "Tron Crypto"

Last October, the Commonwealth of Dominica, a Caribbean country, introduced cryptocurrency regulations recognizing "Tron Crypto" BTT, JST, NFT, TRX, USDT, USDD, TUSD as its certified digital currencies, serving as a medium of exchange for public goods in Dominica. "Tron Crypto" is used for paying taxes, goods or services, and other related public services.

2023: Sint Maarten Considering Following Suit

Rolando Brison, a council member of Sint Maarten, a Caribbean neighbor of Dominica, also expressed interest in emulating Dominica by adopting Tron blockchain as the country's infrastructure and accepting "Tron Crypto". However, this proposal has not yet passed legislative review, and Rolando Brison will establish a regulatory framework that is suitable for the Dutch legal system.

Justin Sun Aims for "Five Countries to Adopt TRX": Will China be Included?

Justin Sun, the founder of Tron, stated on January 29th that his goal this year is to have five countries accept TRX as their legal tender to promote its adoption.

My KPI for 2023 is to get 5 countries to adopt #TRX as legal tender. 🇩🇲🇸🇽

— H.E. Justin Sun🇬🇩🇩🇲🔥₮ (@justinsuntron) January 29, 2023

Justin Sun even mentioned that China has made significant progress in cryptocurrency tax laws, indicating the country's embrace of cryptocurrencies. Once the tax laws are perfected, cryptocurrency adoption will make significant progress in China, and TRX will also be used by the Chinese.

China 🇨🇳 has taken a big step towards cryptocurrency regulation with the implementation of a tax on crypto transactions. This signals the country's increasing embrace of cryptocurrencies.

— H.E. Justin Sun🇬🇩🇩🇲🔥₮ (@justinsuntron) January 30, 2023

Why Target the Caribbean? What are the Incentives?

The Caribbean consists of many small countries and territories, with Dominica having a population of only 70,000 and Sint Maarten having a population of only 40,000. There are over a dozen countries or regions with populations below 100,000 in the Caribbean. For Tron, as long as the local governments are willing to support it, achieving the target may not be difficult.

Dominica uses the Eastern Caribbean dollar, while Sint Maarten uses the Netherlands Antillean guilder; besides agriculture and tourism, Dominica is also a popular offshore financial center, registering many internet companies and hedge funds, making Tron Crypto an attractive means for foreign investment taxation. Sint Maarten may also be considering following suit for this reason.

The Caribbean has many offshore financial centers, and if Dominica sees increased tax revenue from cryptocurrency, it could trigger a chain reaction, allowing Justin Sun to quickly achieve his goals.

Will Countries Need TRX?

If the ideal reason for adoption is "resistance to high inflation," then the Caribbean may not be the best answer.

According to Trading Economics data, countries like Zimbabwe, Venezuela, Syria, Lebanon, Argentina, and Sudan have inflation rates ranging from 80% to 300%. Zimbabweans have lost confidence in the Zimbabwean dollar (ZWD) and now primarily use foreign currencies such as the US dollar for transactions. El Salvador, the country currently using Bitcoin as legal tender, has an inflation rate of only 7.34%.

Considering the current TRX price is 80% below its historical high, it could also be an alternative choice for these high inflation countries.