The Government of the British Virgin Islands will announce plans to launch a digital currency of its own. The announcement will be made within the Digital Economy symposium, which will take place in Tortola.
The new digital currency, called BVI ~ LIFE, was developed in collaboration with the company LIFELabs.io. Its role is to replace the dollar as the currency for conducting monetary transactions. The use of digital currency is expected to reduce transaction time and reduce associated costs. It will also give tourists easy access to a local currency. BVI ~ LIFE will be based on the US dollar at a 1: 1 exchange rate.
The term “central bank digital currency” CBDC was not used, as it was developed by LIFElabs.
“The currency is developed by a third party, but will be deployed and administered by the Government of the British Virgin Islands, together with LIFElabs globally.”
Regarding the balances supporting the currency, the LIFElabs spokesman stated:
“The currency will be backed by the traditional currency, which will be deposited and administered by different government agencies.”
The British Virgin Islands has a total population of approximately 31,000 people
In addition to the national currency, the Islands will have a Rapid Cash Response (RCR) emergency fund and a blockchain platform (Platform-as-a-Service – PaaS). The BVI PaaS will combine blockchain solutions, including peer-to-peer transactions, merchant services and cross-border payments, into one platform available to all companies operating in the region.
The British Virgin Islands is an independent territory that includes four islands, with a total population of approximately 31,000 people. It is an important tourist destination, with over 170,000 visitors annually.
The territory follows the example of the Marshall Islands in issuing its own digital currency.