The government of the British Virgin Islands and LifeLabs, a digital currency technology company, are looking at a new block chain-based currency for the territory.
The government hosted its BVI Digital Economy symposium on December 3.
As part of the event, LifeLabs presented details of the planned digital rollout of the currency – called BVI-Life -noting that the BVI government is looking to implement a central digital currency “powered by Lifetoken pegged 1:1 against the United States Dollar for use within the territory.
“The importance of blockchain technology and the significant benefits it offers the BVI, are paramount to the Territory. We welcome this innovation with open arms.”
– British Virgin Islands’ Premier, Andrew Fahie
In a release on the project, LifeLabs said it is expected that this transition will reduce transactional fees, increase transaction speed, and be accessible to BVIslanders and tourists alike.
BVI-Life is a trademark of LifeLabs Global LTD. Founded in 2017, LifeLabs has to date aided 30 charities to launch digital projects.
Since 1959, BVI has relied on the United States Dollar as its national currency for business and consumption.
LifeLabs outlines that the new digital currency will also provide rapid cash response and that it is also developing a Rapid Cash Response(RCR) fund to offer aid in the event of a national emergency.
“The foundation of a digital currency is necessary groundwork for the British Virgin Islands to continue to serve the global economy.”– LifeLabs’s CEO, Sanjay Jadhav
LIFElabs said RCR will enable the government to swiftly respond to future disasters.
The company said it will also deliver LIFElabs Platform-as-a-Service (PaaS) model, which will connect blockchain solutions, such as merchant services, peer to peer transactions, and cross-border payments as a turn-key solution.
BVI Premier Andrew Fahie, was quoted in the LifeLab release saying, “The importance of blockchain technology and the significant benefits it offers the BVI, are paramount to the Territory. We welcome this innovation with open arms.”
Meanwhile, Sanjay Jadhav, LifeLabs’s CEO said, “The foundation of a digital currency is necessary groundwork for the British Virgin Islands to continue to serve the global economy.”
LifeLabs’ CMO David Pugh-Jones said the company was “creating necessary tools for the government to defend against disaster and protect its citizens from the aftermath.”