• 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.

 

Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers.

Cryptos feed

Latest Crypto News


Latest Crypto News & Analysis

Editors’ Picks

Bitcoin a “caged bull” with little resistance ahead as BTC still in price discovery mode

Bitcoin price continues to struggle to reach a record high above $60,000. However, BTC demand and on-chain data suggest a bullish outlook for the pioneer cryptocurrency. Bloomberg analyst Mike McGlone indicates Bitcoin is in price discovery, far from reaching the cycle top.

More Bitcoin News

XRP Price Prediction: Ripple bulls at inflection point

XRP price has been on a tear lately as it has more than tripled since late March. However, considering the overall cryptocurrency market being overextended, the remittance token might be due for a correction. If the buying pressure persists, Ripple might surge another 16% to $1.68.

More Ripple News

Binance Coin price rally gaining energy, could be set for a blow-off move

Binance Coin price increase in 2021 reflects the rise of BNB from a simple utility token to something much more complex and useful for traders. The token’s momentum is slightly extended on an absolute basis, but relative to the February highs, there is still more upside potential, even for a blow-off move. 

More Binance news

Swipe price raises doubts about new rally as SXP loses bullish momentum

Swipe price has been wedging higher since mid-February until the April 10 breakout into all-time highs. The bearish reversal on April 10 combined with another bearish reversal today should caution traders that the upside will be limited in the short-term, and the potential for a deeper correction is ...

More Swipe news

BEST CRYPTO BROKERS/EXCHANGES




Bitcoin Weekly Forecast: SEC commissioner cozies up to BTC ETF, on-chain metrics reset making way for volatile move

Bitcoin’s mainstream adoption has soared over the last couple of months, with institutions like Visa, Goldman Sachs, Morgan Stanley, and others dipping their toes in the BTC markets. Likewise, prices look primed to advance further despite the ongoing consolidation phase.

Read the weekly forecast

BTC

ETH

XRP