St Maarten adopts Tron as legal tender, here’s what to expect from TRX price

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.

Ekta Mourya FXStreet

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.

Author

Ekta Mourya

FXStreet

Ekta Mourya has extensive experience in fundamental and on-chain analysis, particularly focused on impact of macroeconomics and central bank policies on cryptocurrencies.

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