The British Virgin Islands authorities officially announced issuing their own stable cryptocurrency developed by the blockchain company LIFElabs.
Official Company PR: LIFElabs announces BVI~LIFE™ a digital currency for the betterment of the British Virgin Islands. At an event hosted by Andrew Fahie, Premier of the BVI, the partnership on the rollout of the #stablecoin was announced. #blockchain https://t.co/BWHudmoPMn
— LIFElabs.io® (@LIFElabsHQ) December 3, 2019
The new cryptocurrency will be called BVI~LIFE, its rate will be pegged to the US dollar $1 = 1 token. This coin can be used by both local residents and tourists. The launch of a local stable cryptocurrency is aimed to stimulate the local financial sector.
Besides, LIFElabs specialists are developing the Rapid Cash Response fund, by means of which local residents will be able to receive payments in cryptocurrencies from the state in emergency situations. The decision to start this fund was made in April 2019.