September 25, 2023

British Virgin Islands will launch its own cryptocurrency

British Virgin Islands partners with LifeLabs cryptocurrency startup to develop the national digital currency BVI ~ LIFE, pegged to the US dollar in a 1: 1 ratio.

As LifeLabs said on its blog, BVI ~ LIFEis part of a local financial sector development initiative and will be presented at the BVI Digital Economy Symposium. Stablecoin will reduce costs and increase the speed of transactions, while both island residents and tourists can use it.

LifeLabs also develops Rapid FoundationCash Response for financial emergency assistance. It is known that during the hurricane Irma, which hit the British Virgin Islands, residents could not access their money, left without a livelihood. The fund will allow more transparent distribution of material assistance to victims.

“Realizing the potential of the blockchain and itsadvantages, we are open to the introduction of the latest technology. Our LifeLabs partner has proven in practice that his ideology is not empty words. We will continue to collaborate on the issuance of the state digital currency BVI ~ LIFE, ”said Andrew Fahie, Prime Minister of the British Virgin Islands.

LifeLabs CEO Sanjay Jadhav(Sanjay Jadhav) believes that by issuing their own cryptocurrency, the islands will be able to gain independence from the US dollar and again become an independent player in the global economy, as it was before.

Recall that in September the Marshall Islands also announced the launch of its own cryptocurrency, however, the International Monetary Fund did not support this initiative.