British Virgin Islands (BVI) Partners with LifeLabs
December 4, 2019 12:50 am
LifeLabs, a Blockchain startup has announced that it is developing a digital currency dubbed BVI~LIFE in partnership with the British Virgin Islands (BVI). The press release mentioned that the currency is part of a broader initiative to grow the local fin-tech sector and will be presented during the BVI Digital Economy symposium.
The coin will be a stablecoin pegged 1:1 to the U.S. dollar which the BVI has used since 1959 and its use is expected to decrease transactional fees, increase transaction speed and be accessible to outsiders such as tourists.
LifeLabs is also developing Rapid Cash Response, a fund meant to provide aid in case of a national emergency. The local government announced this initiative in April.
Andrew Fahie, BVI Premier said:
“The importance of blockchain technology and the significant benefits it offers the BVI, are paramount to the Territory. 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.”