The British Virgin Islands and blockchain company LIFElabs.io are partnering to launch the BVI~LIFE digital coin. According to the press release from December 3, the launch of the currency is part of a broader effort to grow the financial technology sector. The initiative is to be presented at the BVI Digital Economy symposium on December 3rd.
The BVI~LIFE will be pegged 1:1 to the USD, the functional currency of the British Virgin Island since 1959. The primary goal of the currency is to reduce the current transactional fees, increase the access to outside investors and tourists and increase the transaction speed.
On the other hand, the blockchain company LifeLab is creating the initiative Rapid Cash Response, a fund that is meant to provide aid whenever there is national emergency or crisis. The British Virgin Islands Premier, Mr. Andrew Fahie, commented on the initiative saying that the LifeLabs is the perfect partner for them on the launch of the new stablecoin.
The transaction fees of the new stablecoin will be paid in the LifeLabs tokens, as communicated by Anwar Ali, the LifeLabs community manager. Over the last day, the price of the Life token has increased by nearly 30%, now trading at around $0.000083.
British Virgin Islands are not the only ones that are integrating digital coins in their “ecosystems”. The Marshall Islands are also developing their own token, a move that will help them be less dependent on the US dollar. However, they faced certain regulatory issues when it came to the development of the cryptocurrency, as Leaprate reported in September, 2018.