June 19, 2024

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 to help speed up payments and reduce transaction fees. The coins will be able to be used not only by local residents, but also by tourists.

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

In addition to stablecoin, LIFElabs will also developdevelopment of a Rapid Cash Response fund to provide assistance in the event of a national emergency. During times of disaster and infrastructure destruction, it will help islanders access their funds to buy basic necessities.

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

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