As part of an on-going initiative to grow the Financial Technology sector, the British Virgin Islands is hosting its BVI Digital Economy symposium on December 3rd. The event will connect over 100 stakeholders across private and public sectors such as Price Waterhouse Coopers in the archipelago’s transition to a digital leader. As part of the event, BVI partner LIFElabs.io will present details of the planned digital currency rollout. Key details are as follows:
- National Currency: Since 1959, BVI has relied on the United States Dollar as its national currency for business and consumption. In partnership with LIFElabs.io, the government is looking to implement a central digital currency powered by LIFEtoken pegged 1:1 against the United States Dollar for use within the territory. It is expected that this transition will reduce transactional fees, increase transaction speed, and be accessible to BVIslanders and tourists alike.
- Rapid Cash Response: Additionally, LIFElabs is developing a Rapid Cash Response™ (RCR) fund to offer aid in the event of a national emergency. In September 2017, Hurricane Irma thrashed through the BVI, causing $3 billion in damages, with untold emotional trauma to BVIslanders and their families. Due to infrastructure damage, people were unable to access their cash to buy everyday essentials. LIFElabs’ RCR will enable the government to swiftly respond to future disasters, affording islanders unimpeded access to their funds, and thus mitigating the negative impact to their welfare.
- Platform-as-a-Service: LIFElabs’ Platform-as-a-Service (PaaS) model, which connects blockchain solutions such as merchant services, peer-to-peer transactions, and cross-border payments, is available to all businesses in all sectors as a turn-key solution.
A major focus of the one-day symposium is to raise awareness and work with BVI thought-leaders. Premier Andrew Fahie stated: “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.”
“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,” explained Sanjay Jadhav, LIFElabs.io CEO.
“LIFElabs was conceived with an emphasis on philanthropy, and our work with the British Virgin Islands exemplifies this perfectly. With the Rapid Cash Response fund, we’re creating necessary tools for the government to defend against disaster and protect its citizens from the aftermath,” added LIFElabs CMO David Pugh-Jones.
About LIFElabs.io: Founded in 2017, LIFElabs is a blockchain ecosystem with a unique focus on aiding and empowering charities and humanitarian efforts across the globe. In 2018, LIFElabs successfully aided 30 charities taking on innovative projects in pursuit of the charities’ diverse goals and missions. LIFElabs’ products consist of the LIFEtoken, BVI~LIFE, LIFEcard, LIFEwallet, LIFEBaaS (Blockchain-as-a-Service), and the LIFEPaaS tool for philanthropic groups looking to incorporate blockchain technology.
BVI~LIFE is a trademark of LIFElabs Global LTD.
Link to original partnership announcement in April: http://www.bvi.gov.vg/media-centre/bvi-and-lifelabsio-enters-first-its-kind-partnership-provide-blockchain-based-financial