British Virgin Islands’ government will soon publish details about own digital currency

By Dorothy 12/4/19 2:24 AM

The Government of the British Virgin Islands (BVI) will soon publish detailed information about their own digital currency. This year, one of the highlights of the event will be the project developed in collaboration with blockchain-oriented startup LIFElabs.io.

December 3, 2019 – Tortola, British Virgin Islands, is part of an ongoing initiative to develop the Financial Technology industry. The British Virgin Islands will host the BVI Digital Economic Symposium on December 3.

The event will connect more than 100 stakeholders in public and private sectors like Price Waterhouse Coopers in the process of converting islands to a digital leader. As part of the event, the partner of BVI LIFELabs.io will present details of the planned digital currency implementation.

BVI’s new digital cryptocurrency will replace USD

Over the past year, more governments are turning to exclusive digital currencies than ever before. China and the Marshall Islands are among the good examples. Now it’s time for BVI to join the trend. British territory, a popular offshore destination, is hosting the BVI Digital Economic Symposium today.

At the symposium, BVI and LIFElabs.io will present relevant details about the government-supported digital currency called BVI ~ LIFE.

BVI has used the US dollar as the national currency for about 60 years. The main feature of BVI ~ LIFE is that it will allow the British Virgin Islands to switch from using US Dollars for monetary transactions and having an independent digital currency. Now the government is working on a stablecoin provided by LIFEtoken. The currency will be pegged to the USD at a 1: 1 ratio. Once operational, the digital currency system will cut transaction fees, increase transaction speed, and ensure liquidity for both residents and tourists.

LIFElabs.io Sanjay Jadhav CEO commented:

“This partnership puts us in a unique position to make a significant impact in a truly beneficial place. The foundation of digital currency is the necessary foundation for the British Virgin Islands to continue serving the global economy as it did in the past with the onset of the blockchain revolution”.

We note that the term central bank digital currency, also known as CBDC, is not used in the notice. Although LIFElabs has referred to it as a central digital currency provided by LIFEtoken. We have asked LIFElabs to confirm that this is not Central Bank Digital Currency, but a government-approved private currency.

Feedback via email is this to be correct. The currency is developed by a third party but will be deployed and managed by the British Virgin Islands Government, concerning global LIFElabs.

LIFElabs develops emergency fund and blockchain platform

In addition to the national currency, BVI will have an emergency fund and Platform Services (PaaS) based on blockchain.

LIFElabs is working with the Rapid Cash Response Fund (RCR) that will provide federal emergency assistance. For example, two years ago, Hurricane Irma struck BVI, causing $ 3 billion in damage.

LIFElabs CMO David Pugh-Jones explained:

“LIFElabs was formed with an emphasis on philanthropy, and our work with the British Virgin Islands illustrates this perfectly. With our Rapid Cash Response, we have created the necessary tools for the government to combat disasters and protect citizens from the aftermath”.

BVI’s PaaS will consolidate blockchain solutions, including peer-to-peer transactions, commercial services, and cross-border payments, into a single platform available to all businesses operating in BVI.