Blockchain startup LifeLabs has announced that it is developing a digital Cryptocurrency called BVI ~ LIFE in partnership with the British Virgin Islands (BVI).
04 December, 2019 | AtoZ Markets – LIFELabs, a blockchain startup, and the British Virgin Islands are developing a cryptocurrency. That will serve as the sovereign digital currency for the island’s territory. The upcoming digital currency will be named as BVI~LIFE. However, BVI~LIFE will be pegged to the US dollar at a ratio of 1:1. The stablecoin will decrease transactional fees and increase transaction speed. It will also be made available to tourists visiting the territory.
British Virgin Islands Digital Cryptocurrency
Due to its lack of regulation, the British Virgin Islands is a tent to companies like Bitfinex and Tether. They are also the largest issuer of dollar-pegged digital currency. Sovereign digital currency is part of a larger initiative to boost the local Fintech sector.
Andrew Fahie is the Prime Minister of the British Virgin Islands. Commenting on this initiative, he said: “The importance of blockchain technology and the considerable benefits offer to the British Virgin Islands. However, they are of paramount importance to the territory. We welcome this innovation with open arms. Our partner, LIFElabs, has demonstrated through its proven experience that its ideology is not just words. And we look forward to spreading our partnership with them on the deployment of BVI ~ LIFE, our digital currency. “
Other Islands Switch to Digital Currency
The British Virgin Islands are not the only island territories to switch to digital currency. The Marshall Islands is another island territory dependent on the US dollar, has also developed its sovereign digital currency. At the same time, the blockchain startup also establishes a Rapid Cash Response to assist in the issue of a national emergency.
“This partnership sets us in a unique position to have a massive impact in a place that will truly benefit from it.” The foundation of a digital currency is needed for the British Virgin Islands to serve the global economy. It also has in the past with the beginning of the blockchain revolution “, Sanjay Jadhav, CEO of LIFELabs.io.
Earlier this year, the Pacific island officials announced that it would develop a digital Sovereign. That would be easily transferable to the many islands that make up the country.
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