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.
St. Maarten eyeing TRX as legal tender
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.
How adoption as legal tender will help TRON
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.