Crypto News

Just In: British Virgin Islands Launch Own Digital Currency

British Virgin islands launch digital currency

The government of the British Virgin Islands (BVI) is about to announce the details of its own digital currency. The project is developed in partnership with blockchain-oriented startup LIFElabs.io.


BVI’s Digital Currency to Replace USD

More governments are turning to proprietary digital currencies over the last year than ever before. China and the Marshall Islands are some good examples. Now it’s time for BVI to join the trend. The British territory, which is a popular offshore destination, is hosting the BVI Digital Economy symposium today. The event gathers over 100 stakeholders that will help the archipelago move to become a digital hub.

At the symposium, BVI and LIFElabs.io will present relevant details of the government-backed digital currency called BVI~LIFE.

For about 60 years, BVI has used the US dollar as its national currency. Now the government is working on a stablecoin powered by LIFEtoken. The currency will be pegged to the USD with a ratio of 1:1. When it goes live, the digital currency system will cut transaction fees, increase transaction speed, and ensure liquidity for both residents and tourists.

LIFElabs.io CEO Sanjay Jadhav commented:

This partnership puts us in a unique position to make a massive impact in a place that really stands to benefit. The foundation of a digital currency is necessary groundwork for the British Virgin Islands to continue to serve the global economy as it has in the past with the onset of the blockchain revolution.

LIFElabs Develops Emergency Fund and Blockchain Platform

Besides the national currency, BVI will have an emergency fund and a Platform-as-a-Service (PaaS) that relies on blockchain.

LIFElabs is working on a Rapid Cash Response (RCR) fund that will provide aid in the case of a national emergency. For example, two years ago, Hurricane Irma hit BVI, causing $3 billion in damages.

LIFElabs CMO David Pugh-Jones explained:

LIFElabs was conceived with an emphasis on philanthropy, and our work with the British Virgin Islands exemplifies this perfectly. With the Rapid Cash Response fund, we’re creating necessary tools for the government to defend against disaster and protect its citizens from the aftermath.

BVI’s PaaS will merge blockchain solutions, including peer-to-peer transactions, merchant services, and cross-border payments, into a single platform available to all businesses operating in BVI.

What do you think about BVI’s national digital currency? Share your thoughts in the comments section!


Image via Shutterstock

The post Just In: British Virgin Islands Launch Own Digital Currency appeared first on Bitcoinist.com.

How useful was this post?

Click on a star to rate it!

As you found this post useful...

Follow us on social media!

Related Crypto News

Bitcoin has become nothing but the new Che Guevara T-shirt
Bitcoin promised to create a new normal in finance, but it turned out to be nothing but the old...
TNABC Miami’s Eighth Annual Conference Goes Virtual, Event Underscores Technology’s Important Role
On January 28-29, 2021, The North American Bitcoin Conference (TNABC) is preparing to kick off its eighth exhibition with...
China turns up pace on CBDC release, tests infrastructure prior to adoption
The yuan is not seen as a major currency. Could digitizing it change that? China is breaking new ground...
French Programmer Sent Bitcoin Donations to Far-Right Activists Who Participated in the US Capitol Riots
A crypto forensic analysis reveals that a French donor sent over $500,000 worth of bitcoin (BTC) to far-right activists...
Why This Analyst Expects Bitcoin Price Consolidation After the Recent 15% Drop
Bitcoin faced a strong drop into Friday. The cryptocurrency, after peaking at $40,000, fell as low as $34,000 in...
Venezuelan President Maduro Promises 2021 Will Be the Year to Boost Usage of Petro
The Venezuelan president, Nicolás Maduro, has claimed that 2021 will be the year of the state-backed petro (PTR) token....

Featured Crypto News

Canada’s first public Bitcoin fund hits $1 billion
3iQ’s Bitcoin QBTC fund has surged 900% in market cap since October 2020, breaking a $1 billion milestone. Canadian...
US Fed: CBDC a ‘very high priority’ to combat bad private sector money
The United States Federal Reserve needs its own digital currency to protect against a possible overnight proliferation of stablecoin...
Coinbase Issues a Public Apology to EU and UK Customers — Did Not Address Its Global Issues
Cryptocurrency exchange Coinbase published a statement addressing their U.K. and E.U. customers, apologizing for system outages and account restrictions....
Anchorage Obtains Federal License to Operate as Crypto Bank From the OCC
The U.S. Office of the Comptroller of the Currency (OCC) has granted conditional approval to crypto custodian Anchorage to...
Respect the Pomp: RSK’s token spikes 30% after founder appears on podcast
RIF got a nice price boost hours after its founder appeared on Pomp’s podcast. RIF, the utility token for...
Bitcoin Reclaims $40,000 Just days after Falling to $30,000
After a sharp correction that lowered its price to nearly $30,000, Bitcoin is close to reclaiming $40,000. The leading...