If you continue to use this site we will assume that you are happy with it. OFFICIAL COMPANY PRESS RELEASE. The currency is expected to reduce fees and increase speed in day-to-day transactions. The US Virgin Islands are situated to the west of the British Virgin Islands, and consist of three major islands along with lots of other much smaller ones. Currency guide to US Virgin Islands and US Dollar (USD) rates and money saving tips - Travel Money & Transfers. Government of the Virgin Islands The official source for Government's information, news and services. He stated, “The importance of blockchain technology and the significant benefits it offers the BVI, are paramount to the Territory. The coin will be a stablecoin pegged 1:1 to the US dollar, which the BVI have used since 1959, and its use is expected to reduce transactional fees, increase transaction speed and be accessible to outsiders such as tourists. The British Virgin Islands is a British overseas territory with it's own parliament. 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. Check out CoinGeek’s Bitcoin for Beginners section, the ultimate resource guide to learn more about Bitcoin—as originally envisioned by Satoshi Nakamoto—and blockchain. "LIFElabs was conceived with an emphasis on philanthropy, and our work with the British Virgin Islands exemplifies this perfectly. The British Virgin Islands (BVI) is “a British Overseas Territory in the Caribbean, to the east of Puerto Rico and the US Virgin Islands and north-west of Anguilla.”, Back on April 18, the BVI government issued a press release, which stated that it was partnering with LIFElabs “for the purposes of providing Rapid Cash Response in the event of an emergency, and also creating an alternative digital currency payment method for facilitating ongoing financial transactions across the network of islands.”. The British Virgin Islands is rolling out a national digital currency dubbed BVI~LIFE in partnership with blockchain startup LIFElabs. The British Virgin Islands has revealed that it’s rolling out a national digital currency. And Sanjay Jadhav, the CEO of LIFElabs, stated: This partnership puts us in a unique position to make a massive impact in a place that really stands to benefit. Subscribe to International Investment's free, twice-daily, newsletter, © Incisive Business Media (IP) Limited, Published by Incisive Business Media Limited, New London House, 172 Drury Lane, London WC2B 5QR, registered in England and Wales with company registration numbers 09177174 & 09178013, The importance of blockchain technology and the significant benefits it offers the BVI, are paramount to the territory", Digital publisher of the year 2010, 2013, 2016 & 2017, BVI's government commits to 'publicly accessible registers', Financial industry is the ‘fifth emergency service’ in BVI, France blacklists BVI and Bahamas as non-cooperative tax havens, UK's FCA bans sale of cryptocurrency derivatives, Booming Africa crypto adoption sparks regulation concerns, FCA approves Archax as UK's first digital assets exchange, China announces major expansion of digital yuan trials, Revolut to give clients legal ownership of cryptocurrencies, EXCLUSIVE: Last-minute calls for BOD-49 reversal to stem UAE adviser exodus, David Kneeshaw wins Personality of the Year (Industry) at the II Awards 2020, EU blacklist: Barbados 'appalled' at 'unjust and disproportionate treatment', Bonham Carter steps down from Jupiter board for stewardship role, JP Morgan Chase pledges to 'shift away' from fossil fuel investments: reports. This website is constantly being updated with new features, content, services and information. It hopes that “this transition will reduce transactional fees, increase transaction speed, and be accessible to BVIslanders and tourists alike.”. Besides the national currency, BVI will have an emergency fund and a Platform-as-a-Service (PaaS) that relies on blockchain. The main islands you can visit are Saint Thomas, Saint Croix and Saint John. Financial regulators in the world’s seven biggest economies will continue to oppose the launch of Facebook’s digital currency Libra until proper regulations are in place. 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