The government of the British Virgin Islands (BVI) is set to release details of its own crypto asset. Word is rife that the project is a brainchild of collaboration with LIFElabs.io, a blockchain-based startup.
Digital Asset to Replace the United States Dollar
Governments around the world are increasingly edging closer to digital assets at a speed never seen before. In the past year, more governments have launched digital currencies, while others have announced plans to do so in the coming days. Some of the governments that have already done this include the Marshall Islands and China.
The British Virgin Islands is the latest government to do so. The territory, which has for decades remained a popular offshore destination for many, is set to host the British Virgin Islands Digital Economy Symposium today. The event typically brings together more than one hundred stakeholders whose role is to assist the territories to become a digital hub.
The BVI Symposium
It’s expected that LIFELabs.io and the BVI government will be releasing the details of the digital currency at this symposium. The digital currency bears the name BVI-LIFE.
For the last six decades, the BVI has been using the United States Dollar as its official currency. However, the government is now working towards releasing its own stablecoin that is to be powered by the LIFEtoken.
Once released, this currency is going to be pegged to the United States dollar at a ratio of 1:1. As soon as it officially goes live, it’s expected to guarantee liquidity for tourists and residents, increase transaction speeds, and reduce the transaction fees.
Sanjay Jadhav, the CEO of LIFElabs.io commented on this project and stated:
“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.”
Apart from using the digital currency as the official currency in the territory, it’s expected that BVI will also have a PaaS (Platform-as-a-Service) as well as an emergency fund that will be fully reliant on the blockchain platform.