BVI-LIFE stablecoin won’t be developed, says BVI government


There won’t be any BVI-LIFE stablecoin. Despite the rumors, the British Virgin Islands has denied that its stablecoin BVI-LIFE will be launched. Barely two weeks ago, an announcement regarding the launch of a digital currency stablecoin called BVI-LIFE was made by the BVI government. They even joined hands with LIFELabs. The currency was to circulate in the British Overseas region.

Now, the BVI has taken a u-turn and said that no such token would be launched. The BVI-LIFE stablecoin was to be pegged to the USD, but its ultimate aim was to take the place of the USD. Now, the government has no plans in the pipeline that even remotely associated with a digital currency. The latest official announcement clearly denies any process of developing the national cryptocurrency, and neither are the partners pursuing such a project. BVI will continue to use the United States dollar.

BVI denies BVI-LIFE stablecoin rumors

The announcement mentions that the British Virgin Islands are getting proposals from many global crypto and blockchain players to establish a digital currency in the BVI territory. They also propose trading and other similar services using cryptocurrency. LIFELabs is a prominent name that has been actively pursuing such proposals.

The government has clarified that its authorities do support innovation in the field of finance. They are open to using emerging and innovative technologies that help improve the standard of living of its citizens. They welcome any such technology that helps enhance the compliance and regulatory frameworks. Also, any company that operates on its soil is free to pursue growth goals within the BVI legal framework. High tech firms, including blockchain and cryptocurrency companies, have the freedom to achieve their technological goals.

However, the concept of launching a BVI-LIFE stablecoin that will ultimately replace USD is not genuine. Financial experts said that such a development could cause significant market sell-off. This u-turn will spark more rumors and may even cause a bearish market hangover in the currency markets.

Image Source: Pixabay

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Gurpreet Thind

Gurpreet Thind is pursuing Masters in Electrical Engineering at University of Ottawa. His scholarly interests include IT, computer languages and cryptocurrencies. With a special interest in blockchain powered architectures, he seeks to explore the societal impact of digital currencies as finance of the future. He is passionate about learning new languages, cultures and social media.

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