LifeLabs blockchain company has announced that it has partnered with the British Virgin Islands (BVI), to begin development of digital currency. According to the news release, the development of the cryptocurrency is a part of continuous efforts by the BVI to improve on its financial technology sector.
The release notes that since 1959, the BVI has adopted the United States Dollar as its national currency and therefore, the digital asset will be a stablecoin, pegged 1:1 to the dollar. It is hoped that the currency will make transactions a lot cheaper and also improve on the current speed as well.
The LIFELabs.io CEO Sanjay Jadhav has said that the collaboration with the BVI is perfect for the company to continue its mission to help the BVI as it spreads its interest around the world.
“This partnership puts us in a unique position to make a massive impact in a place that really stands to benefit. 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.”
The British Virgin Islands joins other regions such as the Marshall Islands, which are currently working on creating digital tokens for an improved financial atmosphere.
UPDATE – 16th December, 2019
The government of the British Virgin Islands has announced in a recent statement that the reports are false and it is “not in the process of developing or launching its own national currency, neither by itself not in partnership with any other entity, to replace the US dollar with a digital currency.” Stressing that it adopted the US dollar as its official currency back in 1959, it currently has no plans to make any alternative arrangements.
The statement however says that the government of the BVI has received several proposals from quite a few firms either to make the Islands their base or simply to offer certain services. The BVI says LifeLabs.io is one of such companies but has not gone into any agreements with the startup.
Image Credits: Pixabay
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