Yesterday, December 3rd, 2019, the Caribbean blockchain-based company LIFELabs.io announced the new initiative undertaken together with the Government of the British Virgin Islands to implement the new digital state currency.
According to the reports, the presentation of the project took place during the event dedicated to the digital economy of the BVI (British Virgin Islands) with over 100 stakeholders from the private and public sectors, supporting the archipelago’s transformation into a digital leader.
As is already known, the official currency of the BVI is the US dollar, hence the new state digital currency will be a stablecoin anchored 1:1 to the value of the USD.
Moreover, thanks to the presence of LIFELabs.io, it seems that the new state digital currency will be powered by LIFEtoken so as to reduce transaction fees and increase speed. The access to the new BVI currency will be dedicated both to the inhabitants of the archipelago and to tourists.
Not only that, it also seems that the new project involves LIFELabs as a blockchain solution also in other types of national emergencies.
The Virgin Islands and crypto
By setting up the Rapid Cash Response™ (RCR) fund, the blockchain company will be able to support the government in managing access to money for its inhabitants in cases of natural disasters such as the one that occurred with Hurricane Irma in September 2017.
With the establishment of the LIFELabs Platform-as-a-Service (PaaS) model, it will be possible to implement blockchain solutions in all sectors and for all companies in the areas of merchant services, peer-to-peer transactions and cross-border payments.
In this regard, Premier Andrew Fahie 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”.
Sanjay Jadhav, CEO of LIFELabs.io. 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”.
The British Virgin Islands (BVI) are joining the race towards establishing a national digital currency alongside countries such as China, the US and Japan.
A historical moment that is perhaps of strong global interest, but which leaves the primacy to the Marshall Islands that have studied and issued the crypto Sovereign (SOV) already in the first half of 2018.
