The political leader of the United Workers Party (UWP), Dr. Thomson Fontaine, has condemned the cryptocurrency proposed to be adopted by the Dominican government. Fontaine said Dominica Coin, also known as the Dominica Fan Token, might be exploited for identity theft online and that unscrupulous elements may use it to fraudulently obtain Dominican passports.
Wondering what Dominica stands to gain from adopting Fan Token as a digital currency, Fontaine said China in 2021 saw through the gimmick and proceeded to ban all cryptocurrencies in their country. He said the use of cryptocurrency in Dominica is not a pressing need at the moment and that it is best for the government to save money and focus on job creation, wealth generation, care for the elderly, and developmental infrastructures among others.
The political leader and economist noted that funds must be moved from banks for deposit in digital wallets before cryptocurrencies can be used. He stated that the fact that digital currencies are not regulated by conventional banks or any centralized administrator makes it a risky undertaking for Dominica at this time.
Fontaine added that the blockchain technology utilized by cryptos cannot be trusted to meet the financial needs of Dominicans as things stand in the country.
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