British Virgin Islands plans to issue a state-backed stablecoin
|- The country hopes to improve transaction speed and reduce fees.
- The new coin will be pegged to the US Dollar exchange rate.
The British Virgin Islands announced the launch of its own digital currency in partnership with the blockchain company LIFElabs.
The BVI ~ LIFE coin will be pegged to the US dollar with a 1:1 ratio. Stablecoin is expected to increase transaction speed and lower fees. The digital currency will be available to both residents of the British Virgin Islands and tourists.
The launch of stablecoin is part of a broader initiative aimed at the development of the local financial sector.
Also, LIFElabs is involved in the Rapid Cash Response fund, designed to make social benefits more accessible to residents of the Virgin Islands in emergencies.
Notably, local authorities and LIFElabs entered into a partnership to provide such assistance in April. Using the LIFEWallet smartphone application, which supports Bitcoin, Ethereum, ERC-20 tokens and Lifelabs life digital assets, residents can receive support from the authorities or transfer funds on their own in case of disasters.
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