September 19, 2021

British Virgin Islands to release digital currency secured by dollar

British Virgin Islands to release digital currency secured by dollar

The British Virgin Islands announced the launch of the national digital currency BVI ~ LIFE.

The government entrusted the development of stablecoin to LIFElabs. The digital currency will be pegged and secured by 1: 1 US dollar, which is the state currency of the BVI.

The government expects the project will help expedite payments and lower transaction fees. Coins can be used not only by local residents, but also tourists.

The project is part of a national initiative to develop financial technology in the region. Details of BVI ~ LIFE will be presented at the upcoming economic symposium.

In addition to stablecoin, LIFElabs will also be engageddevelopment of the Rapid Cash Response fund to provide emergency assistance in the country. During disasters and the destruction of infrastructure with its help, the islanders will be able to access their funds to buy basic necessities.

This is not the first island state towants to improve the local financial system using digital currency. In September, the Marshall Islands also announced the release of the national digital currency Sovereign with a fixed increase in money supply.

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