- LifeLabs, the blockchain-based startup has announced that it’s developing a new digital currency together with the British Virgin Islands.
A press release from December 3rd says the new currency comes as a start of a wider initiative to help the fintech sector develop. It will be introduced at the symposium held by the DVI Digital Economy, and function as a stablecoin 1:1 pegged to the US dollar. The BVI have been using the US dollar ever since 1959. The new digital coin is expected to reduce fees for transactions and to increase the speed at which payments take place. It will be accessible to tourist and people from outside the BVI too.
What Other Plans LifeLabs Has?
LifeLabs is also working to develop a fund called Rapid Cash Response and to provide aid if a national emergency takes place. BVI’s Premier Andrew Fahie has said this about the new digital currency:
“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. 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.”
Marshall Islands Are Trying to Move Away from the US Fiat Currency
According to Coin360, the price for a Life token has increased by almost 31% in the last 24 hours and reached $0.000083. BVI is seriously considering a dollar-pegged digital currency while the Marshall Islands are trying to develop a token so that they no longer use the US’s fiat currency. Earlier in 2019, official announcements were made, saying the Pacific island is trying to develop the digital Sovereign, which will be transmittable in the islands making up the country.