The British Virgin Islands is soon to announce all of the details of the new digital currency they developed in a partnership with the blockchain-oriented startup LIFElabs.io as we are reading further in the Altcoin news today.
More and more governments are choosing digital currencies over the last year compared to the years before. China and the Marshall Islands are one of the best examples. Now, the British Virgin Islands will join the trend.
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The country is a popular offshore destination and had a BVI Digital Economy Symposium where more than 100 stakeholders will help the country move to become a digital hub.
The British Virgin Islands and Lifelabs.io are yet to present the relevant details of the new government-backed digital currency named BVI Life. For more than 60 years, BVI used the US dollar as a national currency and now the government is working on a new stablecoin that will be powered by the LIFEToken. This new currency will be pegged to the USD with a ratio of 1:1. When they launch the coin, the digital currency system will cut down all transaction fees, increase transaction speed and ensure liquidity for both residents and tourists. The CEO of LifeLabs Sanjay Jadhav commented:
‘’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.’’
Despite its national currency, BVI will have a new emergency fund and a platform-as-a-service that will rely on the blockchain. LifeLabs is also working on a new Rapid Cash Response or RCR fund that will provide aid in the case of a national emergency. For more than two years, Hurricane Irma hit the British Virgin Islands and caused more than $3 million damage. The CMO of LifeLabs David Pugh-Jones explained:
‘’LIFElabs was conceived with an emphasis on philanthropy, and our work with the British Virgin Islands exemplifies this perfectly. With the Rapid Cash Response fund, we’re creating necessary tools for the government to defend against disaster and protect its citizens from the aftermath.’’
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