The british Virgin islands want to design a crypto-currency backed by the dollar

December 5, 2019 by Océane

The british virgin islands want to get to the page of the technology Blockchain with the issuance of a crypto-currency backed by the dollar. The project will be presented very soon at a conference on the digital economy.

A crypto-currency in the Virgin Islands

The british virgin Islands, the seat of several crypto-popular businesses (including Bitfinex and Tether), will implement very soon their own crypto-currency. ll is a stablecoin that is indexed to the dollar (with a parity of 1:1) developed by the technology company LifeLabs.
“Our partner, LIFElabs, has demonstrated by his proven that his ideology is not that of words, and we look forward to continuing our partnership with them on the deployment of BVI-LIFE, our digital currency,” was unveiled for the first time the prime minister of the british Virgin islands, Andrew Fahie, last April.
The use of the stablecoin will allow to accelerate the transfer of funds on the territory of the uk, while reducing their costs. In a broader perspective, the crypto-project is part of the ambition of the country to develop its technology sector and digital.

A membership at the technology Blockchain

In a press release, Andrew Fahie has shown his total adherence to the technology Blockchain.

“The importance of the technology of the Blockchain and the considerable benefits that it offers to the british Virgin Islands is of paramount importance for the territory. We welcome this innovation with open arms “.

In effect, a crypto-national currency will allow in the british Virgin Islands to acquire greater independence from the dollarthe only currency that is legal tender on the territory. The archipelago following in the footsteps of the Marshall Islands who are currently developing their crypto-currency.
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Jeremiah Faber

Jeremiah Faber

Jeremiah is an explorer by heart – both in the physical and the digital realm. A traveler, Jeremiah continues to visit new places throughout the year in the physical world, while in the digital realm has been instrumental in a number of Kickstarter projects. Technology attracts Jeremiah and through his business acumen has gained financial profits as well as fame in his business niche.

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