British Virgin Islands Aims to Rollout a New USD-Backed Digital CurrencyBy Dec 05, 2019 2 Min Read
The government of the British Virgin Islands, in partnership with LIFElabs.io, aims to develop a digital currency that will be peeled at the ratio of 1:1 against the United States dollar to be used with the territory. The digital currency is dubbed BVI~LIFE™, and there was a digital economy symposium organized by the British Virgin Islands government on 3rd, where LIFElabs.io was meant to explain the details of the proposed digital currency.
According to the press release, Premier Andrew Fahie, stated: "We welcome this innovation with open arms. Our partner, LIFElabs, has demonstrated with their proven track record that their ideology is not just mere words, and we look forward to continuing our partnership with them on the rollout of BVI~LIFE, our digital currency."
The government of the British Virgin Islands has embarked on having a digital currency because it believes the currency will increase transaction speed, minimize transaction fees, and be readily available and accessible to BVIslanders and tourists alike.
"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," said Sanjay Jadhav, LIFELabs.io CEO.
Alongside the digital currency, there is also the development of a Rapid Cash Response™ (RCR) fund which is meant to offer support in the event of a national emergency and which according to David Pugh-Jones is a valuable tool that will enable the government to fight against disaster and shield its nationals from the aftermath.
Image via Shutterstock