Founder of Tron cryptocurrency to begin new career as diplomat for Grenada

Justin Sun, the founder of the Tron cryptocurrency platform and one of the most well-known figures in the digital-asset sector, has announced that he would begin a new career as a diplomat for the Caribbean nation of Grenada. At the same time, Sun, who claims to have lived on the 135-square-mile island since 2019, is phasing out his involvement in cryptocurrency-related ventures. Among these is Tron, a blockchain that serves as the primary network for the controversial stablecoin Tether and is home to hundreds of gambling and gaming applications.

For the first time, Sun, 31, got national attention for the tale of his postponed meeting with billionaire investor Warren Buffett in 2020, as well as a botched Tesla giveaway a few months prior. Moreover, he has been the target of a revolt at a crypto social network company that he acquired after being outbid at the last minute in an auction for an non fungible token that sold for a world record $69 million.

"Our crypto business has reached a point where we urgently want recognition of the potential and advantages of blockchain technology by sovereign governments, authorities, and international organisations," Sun said in an interview with Bloomberg News.

"That is why I believe I will devote a significant amount of my energy to promoting blockchain technology and cryptocurrency – as well as the significance of all of this in poor countries and developed ones alike." I shall also make an effort to encourage the development of new technologies in Grenada."

According to Oliver Joseph, Minister of Foreign Affairs, International Business, and Caricom Affairs, he has been selected as Grenada's representative to the World Trade Organization in Geneva.

Other cryptocurrency entrepreneurs and ventures have relocated to the Caribbean in recent years. In recent months, the FTX exchange migrated to the Bahamas. Other island governments have been attempting to position themselves at the forefront of innovation, with Barbados recently establishing an embassy in Decentraland, a crypto-metaverse, as an example. Puerto Rico has emerged as a tax haven for cryptocurrency millionaires in the United States.

According to Sun, "the Caribbean has enormous potential to become a very good area for business and to become the next Singapore." It is because Caribbean countries are geographically close to the United States, which I believe is really essential. However, it is critical that you do not reside in the United States. While in the United States, you will be subject to a great deal of highly stringent regulation as well as taxation and other financial obligations. "The regulatory landscape in the United States is not favourable to bitcoin."