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The global crypto market cap is $1.26 trillion with a 24-hour volume of $27.83 billion. The price of Bitcoin is $34,264.15 and BTC market dominance is 53.0%. The price of Ethereum is $1,783.54 and ETH market dominance is 17.0%. The best performing cryptoasset sector is Advertising, which gained 25%.
Sun said that getting TRON adopted as legal tender across countries could boost the cryptocurrency’s usage and cause its value to increase.
Cover art/illustration via CryptoSlate
Tron founder Justin Sun aims to get TRON (TRX) accepted as legal tender in 5 countries this year. In a Twitter thread, Sun said that while the goal is “ambitious,” he is “confident” that it can become a reality.
In a separate Twitter thread, Sun said it is important to look beyond the U.S. to get TRX adopted as legal tender. He wrote:
“The US is just one country, and while it may be a major player in the crypto world, it’s not the only one.”
Sun acknowledged the importance of U.S. crypto regulations and said that if the rest of the world adopts TRON as legal tender, the U.S. will eventually follow suit. Therefore, he said it is important to work on a global scale and build partnerships with governments and businesses worldwide.
In October 2022, the Commonwealth of Dominica adopted TRX and six other Tron-based cryptocurrencies as legal tender.
Earlier this week, a member of parliament proposed a law that, if passed, would make Tron legal tender in the eastern Caribbean island nation of St. Maarten. In line with Dominica, the St. Maarten draft law proposes adopting Tron as the national blockchain of the country.
According to Sun, adopting TRX as legal tender across countries will increase the cryptocurrency’s “legitimacy and usage.” He wrote:
“When a government recognizes a digital currency as legal tender, it gives a sense of trust and security to the general public, making it more likely to invest and use it.”
Moreover, as a legal tender, TRON will become a valid means of exchange in the country. This would encourage more businesses to start accepting TRX as a means of payment, which in turn will boost the cryptocurrency’s usage, Sun explained.
He said that government recognition as legal tender would make it easier for businesses and individuals to transact with TRX, leading to broader adoption. The increasing adoption will not only “benefit the entire ecosystem” but also boost the demand for TRX, causing its price to increase, Sun wrote.
In 2020, Monika immersed herself in crypto, maintaining skepticism yet firmly believing blockchain could address key issues like financial disparity and transparency. A book-lover, she’s also a passionate food enthusiast.
CryptoSlate is a comprehensive and contextualized source for crypto news, insights, and data. Focusing on Bitcoin, macro, DeFi and AI.
In this market report, we explore how Bitcoin’s decoupling from traditional financial benchmarks like the S&P 500 and gold could signal a new era of investment diversification.
Disclaimer: Our writers’ opinions are solely their own and do not reflect the opinion of CryptoSlate. None of the information you read on CryptoSlate should be taken as investment advice, nor does CryptoSlate endorse any project that may be mentioned or linked to in this article. Buying and trading cryptocurrencies should be considered a high-risk activity. Please do your own due diligence before taking any action related to content within this article. Finally, CryptoSlate takes no responsibility should you lose money trading cryptocurrencies.
TRON is one of the largest blockchain-based operating systems.
Justin Sun is the Ambassador and Permanent Representative of Grenada to the WTO, Founder of TRON, one of the world’s largest blockchain DAO ecosystems, and Advisor to Huobi Global, one of the world’s largest crypto exchanges.
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The move aims to bolster consumer protections in a market plagued by recent significant hacks on platforms like Axie Infinity, Crypto.com, and FTX.
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