The British Virgin Islands government has announced some details of its new digital currency.

The digital currency project was developed in partnership with “LIFElabs.io” company that works in the field of blockchain technology.

Digital currency in the British Virgin Islands came to replace the US dollar.

A large number of governments in the world are turning to digital currencies more than ever before, and examples of this are China and the Marshall Islands.

Now it’s time for the British Virgin Islands to join the trend.

The British territory, which is a tourist destination for many tourists around the world, hosted a digital economy symposium yesterday.

The event that brought together more than 100 stakeholders who will help the archipelago transition towards the new digital currency.

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in seminar In the meeting, representatives of the government and LIFElabs.io provided details related to the government-backed digital currency called “BVI~LIFE” coin.

For more than 60 years, the British Virgin Islands have used the US dollar as the national currency.

Now the government is working on a stablecoin backed by LIFEtoken, and the coin will be pegged to the US dollar at a 1:1 ratio.

When it becomes operational, the digital currency system will reduce transaction fees, increase their speed and ensure liquidity for both residents and tourists.

Mr. Sanjay Jadav, CEO of LIFElabs.io stated:

This partnership puts us in a unique position to make a huge impact in a place that truly benefits from what we do.

The foundation of the digital currency is the necessary foundation that the BVI needs to continue serving the global economy as it was in the past with the onset of the blockchain revolution.

“LIFELABS” Develops Emergency Fund and Blockchain Platform:

Besides the national currency, the BVI will have an emergency fund and a platform as a service (PaaS) based on the blockchain.

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LIFElabs is developing a Rapid Cash Response (RCR) fund that will provide aid in the event of a national emergency.

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For example, two years ago, Hurricane Irma hit the British Virgin Islands, causing $3 billion in damage.

David Pugh-Jones, CMO, LIFElabs, explained:

LIFElabs was designed with a focus on philanthropy, and our work with the British Virgin Islands exemplifies this perfectly.

With the Rapid Cash Response Fund, we create the tools needed for the government to defend against disasters and protect their citizens from their effects.

PaaS from BVI will integrate blockchain solutions, including peer-to-peer transactions, merchant services, and cross-border payments, into a single platform available to all businesses operating in the BVI.

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