British Virgin Islands to issue national digital currency
British Virgin Islands To Launch Its Own Digital Currency In Collaboration With Blockchain Startup LifeLabs.
According to the press release, the BVI ~ LIFE digital currency will be part of a larger initiative to develop the local financial services sector and will be presented at the BVI Digital Economy Symposium.
The digital currency will be issued in the form of a stablecoin and pegged to the US dollar at a 1: 1 ratio. The instrument is expected to reduce transaction costs, increase the speed of transactions and will be available to various users, including tourists.
LifeLabs is also developing the Rapid Cash Response Fund to provide emergency support in the event of a nationwide disaster. The British Virgin Islands authorities announced the launch of the initiative back in April.
“Blockchain technology and the significant benefits it offers are key to [the British Virgin Islands],” said incumbent Prime Minister Andrew Fahy. “We welcome these innovations with open arms. Our partner LIFElabs has demonstrated through his track record that his ideology is not just words. We are looking forward to the opportunity for further cooperation with him on the launch of our digital currency BVI ~ LIFE “.
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