The British Virgin Islands is set to join the growing club of countries planning to launch a national cryptocurrency.
The British Overseas Territory, a collection of more than 50 Caribbean islands, is home to major crypto firms like Tether and Bitfinex.
The nation of 35,000 is one of the largest cryptocurrency markets in the world and is known for having friendly regulations for traders and crypto firms.
It has used the US dollar since 1959, but is now planning to create a token linked to the dollar on a one-to-one basis.
The government is working with LIFELabs.io to implement a central digital currency powered by LIFEtoken.
Premier Andrew Fahie said: “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.”
Official Company PR: LIFElabs announces BVI~LIFE™ a digital currency for the betterment of the British Virgin Islands. At an event hosted by Andrew Fahie, Premier of the BVI, the partnership on the rollout of the #stablecoin was announced. #blockchain https://t.co/BWHudmoPMn
— LIFElabs.io® (@LIFElabsHQ) December 3, 2019
LIFElabs claims that the digital currency will reduce transactional fees, increase transaction speed, and be accessible to BVIslanders and tourists alike.
Sanjay Jadhav, LIFELabs.io CEO, said: “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.”