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British Virgin Islands announces a dollar-backed digital coin

Dec 05, 2019

An on-going initiative of the British Virgin Islands government to boost the local Financial Technology sector includes the development of the sovereign digital currency.

The British Virgin Islands have been using the United States Dollar as the national currency since 1959. Today, the government is cooperating with a blockchain startup LifeLabs to implement a central digital currency that will be backed by the US dollar in a 1:1 ratio for use within the territory of the BVI. This means that each token of BVI~LIFE will be backed by 1 dollar.

It is envisaged that the implementation of the dollar-pegged digital coin will lower transactional fees but increase transaction speed. BVI~LIFE coin will be available for the residents of the BVI and for tourists.

Moreover, digital currency may become a salvation to the islands in case of emergency. In the event of a national emergency, people usually are unable to access their cash to provide for themselves with everyday essentials. LifeLabs is currently developing a Rapid Cash Response program that will offer aid in the event of a national emergency.

It seems that there is a tendency among the island territories to develop digital coins. Just as Bermuda and Marshall Islands, the BVI is boosting crypto technologies on its territory.

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