British Virgin Islands To Issue Dollar Backed Digital Currency
Posted On March 23, 2021
‘Launching a Crypto Hedge Fund in the British Virgin Islands (B.V.I.)’
British Virgin Islands announced the launch of the national digital currency BVI ~ LIFE.
The government has entrusted the development of the stablecoin to LIFElabs. The digital currency will be pegged and backed 1: 1 by the US dollar, which is the state currency of the BVA.
The government expects that the project will help speed up payments and reduce transaction fees. Coins can be used not only by locals, but also by tourists.
The project is part of a national initiative to develop financial technologies in the region. Details of BVI ~ LIFE will be presented at the upcoming economic symposium.
In addition to the stablecoin, LIFElabs will also develop a Rapid Cash Response fund to provide emergency relief in the country. During disasters and infrastructure destruction with its help, the islanders will be able to access their funds to buy basic necessities.
It is not the first island nation to want to improve the local financial system with digital currency. In September, the Marshall Islands also announced the Sovereign national digital currency. with a fixed increase in the money supply.