British Virgin Islands (BVI) is about to unveil the details regarding their own digital currency. BVI has joined hands with LIFElabs.io to develop the system.
The British Virgin Islands to create its own digital currency
Since the announcement of Libra, many central banks and governments have started researching crypto assets. The purpose is to explore the potential as well as risks of launching a central bank digital currency. The nation of China was quick to work on such projects while many other countries are either researching it or developing it.
Now BVI has hopped on the trend. The region is hosting the BVI Digital Economy symposium. The event has gathered over 100 stakeholders that will assist it in developing a digital economy. Apparently, BVI and LIFElabs.io will announce the details regarding the digital asset called BVI~LIFE.
In the past 60 years, the British Virgin Islands has used the US dollar as its national currency, and now it wants to evolve beyond. The region is planning to replace the US dollar with their digital currency. The asset will be pegged to the US dollar with each coin/token representing one US dollar.
The team hopes to reduce processing costs by using a digital asset. The use of blockchain technology would increase the speed of the trades.
LIFELabs CEO expressed optimistic views regarding the project. He stated that the partnership had given them a “unique” opportunity to create an impact on the region. He stated that BVI needs to establish the foundation of a digital currency to act in the global economy as the blockchain revolution occurs.