The government of the British Virgin Islands — or more officially, “Government of the Virgin Islands” — announced on Tuesday (December 3) that, in partnership with blockchain startup LIFELabs, it intends to create BVI~LIFE™, a stablecoin for use within the British Overseas Territory. 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Subscribe to International Investment's free, twice-daily, newsletter, © Incisive Business Media (IP) Limited, Published by Incisive Business Media Limited, New London House, 172 Drury Lane, London WC2B 5QR, registered in England and Wales with company registration numbers 09177174 & 09178013, The importance of blockchain technology and the significant benefits it offers the BVI, are paramount to the territory", Digital publisher of the year 2010, 2013, 2016 & 2017, BVI's government commits to 'publicly accessible registers', Financial industry is the ‘fifth emergency service’ in BVI, France blacklists BVI and Bahamas as non-cooperative tax havens, UK's FCA bans sale of cryptocurrency derivatives, Booming Africa crypto adoption sparks regulation concerns, FCA approves Archax as UK's first digital assets exchange, China announces major expansion of digital yuan trials, Revolut to give clients legal ownership of cryptocurrencies, EXCLUSIVE: Last-minute calls for BOD-49 reversal to stem UAE adviser exodus, David Kneeshaw wins Personality of the Year (Industry) at the II Awards 2020, EU blacklist: Barbados 'appalled' at 'unjust and disproportionate treatment', Bonham Carter steps down from Jupiter board for stewardship role, JP Morgan Chase pledges to 'shift away' from fossil fuel investments: reports. Our partner, LIFElabs, has demonstrated with their proven track record that their ideology is not just mere words, and we look forward to continuing our partnership with them on the rollout of BVI~LIFE, our digital currency. The foundation of a digital currency is necessary groundwork for the British Virgin Islands to continue to serve the global economy as it has in the past with the onset of the blockchain revolution. 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JP Morgan believes more companies will add features that allows users to invest in digital currencies, otherwise, they will get left behind by competitors. Bitfinex and Tether are some of the global crypto firms registered in the territory. Besides the national currency, BVI will have an emergency fund and a Platform-as-a-Service (PaaS) that relies on blockchain. For example, two years ago, Hurricane Irma hit BVI, causing $3bn in damages. The BVI government partnered with LIFElabs, a blockchain startup founded in 2017 in its venture. The British Virgin Islands is a British overseas territory with it's own parliament. "The importance of blockchain technology and the significant benefits it offers the BVI, are paramount to the territory. The currency is expected to reduce fees and increase speed in day-to-day transactions. We use cookies to ensure that we give you the best experience on our website. British Virgin Islands to roll out digital currency. BVI has been reliant on the U.S. dollar and the digital currency will enable it to break the reliance. This website is constantly being updated with new features, content, services and information. The government of the British Virgin Islands — or more officially, “Government of the Virgin Islands” — announced on Tuesday (December 3) that, in partnership with blockchain startup LIFELabs, it intends to create BVI~LIFE™, a stablecoin for use within the British Overseas Territory. The British Virgin Islands has revealed that it’s rolling out a national digital currency. China is one of these countries and despite reportedly conducting research on digital currencies for over five years, it’s yet to make any substantial step towards issuance. While recognizing the rise in prominence of CBDCs, the Financial Stability Board is challenging the effectiveness and comprehensiveness of the existing financial regulations. The digital currency comes as no surprise, given the continued support the islands have offered to crypto companies. New to Bitcoin? Currency guide to US Virgin Islands and US Dollar (USD) rates and money saving tips - Travel Money & Transfers. The British Virgin Islands is rolling out a national digital currency dubbed BVI~LIFE in partnership with blockchain startup LIFElabs. Initial currency offerings (ICOs) of crypto-currencies, tokens and other block chain based assets raised over US$ 3.5 billion in 2017.Leading offshore financial centres such as the British Virgin Islands (BVI) have sought to become a major part of this new capital raising phenomenon and there is increasing interest in the use of BVI companies as ICO issuer vehicles. A spokesperson clarified: The currency is developed by a third party, but will be deployed and managed by the Government of the British Virgin Islands, in junction with LIFElabs global. It can be bought, sold, and traded like shares, or used simply to purchase items from a growing number of partner retailers. Our partner, LIFElabs, has demonstrated with their proven track record that their ideology is not just mere words, and we look forward to continuing our partnership with them on the rollout of BVI~LIFE, our digital currency.”, However, as noted by Ledger Insights, the announcement didn’t mention that BVI-LIFE will be a central bank digital currency (CBDC). Here is LIFElabs explaining the idea behind this token: Digital cash, like the money in your online bank account. He stated, “The importance of blockchain technology and the significant benefits it offers the BVI, are paramount to the Territory. Government of the Virgin Islands The official source for Government's information, news and services. The BVI Prime Minister Andrew Fahie believes that blockchain technology and the new digital currency will enable the territory to become a global financial hub. We welcome this innovation with open arms. The main islands you can visit are Saint Thomas, Saint Croix and Saint John. If you continue to use this site we will assume that you are happy with it. It hopes that “this transition will reduce transactional fees, increase transaction speed, and be accessible to BVIslanders and tourists alike.”. USD/EUR at 0.8497 is a little below its 90-DAY average, range 0.8378 - 0.8902 . Today, the BVI is hosting its BVI Digital Economy symposium, where LIFElabs will be giving out details about its plans for the rollout of the BVI’s upcoming digital currency. LIFElabs confirmed that indeed, BVI-LIFE will not be a CBDC. The British Virgin Islands has revealed that it’s rolling out a national digital currency. The importance of blockchain technology and the significant benefits it offers the BVI, are paramount to the Territory. Financial regulators in the world’s seven biggest economies will continue to oppose the launch of Facebook’s digital currency Libra until proper regulations are in place. Initial coin offerings (ICOs) of crypto-currencies, tokens and other block chain based assets have raised billions of dollars in recent years.Leading offshore financial centres such as the British Virgin Islands (BVI) have sought to become a major part of this new capital raising phenomenon and there is increasing interest in the use of BVI companies as ICO issuer vehicles. The currency, known as the BVI-LIFE will be pegged 1:1 against the U.S. dollar, a press release by LIFElabs revealed. Government, LIFElabs.io to develop BVI~LIFE™, a digital currency for the betterment of the territory.. Tortola, British Virgin Islands – December 3, 2019 – As part of an on-going initiative to grow the Financial Technology sector, the British Virgin Islands is hosting its BVI Digital Economy symposium on December 3rd.

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