The British Virgin Islands have continued its quest towards establishing its own digital currency with its BVI Digital Economy symposium holding today. The tiny island had spoken of its desire to grow its financial technology sector.
The symposium is set to connect over 100 stakeholders across public and private sectors with several blockchain platforms key. The major discussion centers on the British Virgin Island changing its national currency from the US Dollars to a central digital currency which is to be developed by LIFELabs.io.
Lifelabs is expected to put in detail the plans for the LIFEtoken which would be a stable coin pegged against the United States Dollar. It is expected that this transition to the digital token will reduce transaction fees, bring about faster transaction speed and be attractive for British Island Natives and tourists.
In addition, Lifelabs is also developing a Rapid Cash Response Fund to offer aids in the event of national emergencies. The British Virgin Islands is prone to natural disasters with the last major emergency Hurricane Irma causing more than $3 billion in damages.
The proposed emergency fund will enable the regional government to swiftly respond to future disasters affording the Island unimpeded access to funds. There is also a proposed plan to develop a Platform as a Service model that would connect blockchain solutions together.
This would enable merchant services, peer to peer transactions and cross border payments to be interconnected within the country.
British Virgin Island has put great emphasis on blockchain technology and the country’s partnership with Lifelabs is one that has the potentials to transform the financial landscape in the country.
Andrew Fahie the Premier of British Virgin Island is of the opinion that the nation is ready for the rollout of its digital currency BVI-LIFE.
This development when completed will make British Virgin Island the second major nation to have a digi currency. Venezuela had taken the lead with the launch of its digitoken ‘Petro’. This increasing trend shows that more nations are beginning to embrace the potentials of blockchain technology.
Economic giant China have also mauled about creating a digitizes Yuan and it is expected that more nations would look towards nationalized tokens in the coming months.