The British Virgin Islands has announced they will be creating a U.S. dollar-backed stablecoin.
“The importance of blockchain technology and the significant benefits it offers the BVI, are paramount to the Territory,” said BVI Premier Andrew Fahie.
“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.”
The new currency was officially presented during the British Virgin Islands (BVI) Digital Economy symposium.
The cryptocurrency will be pegged to the U.S. dollar 1:1, the official currency since 1959.
The BVI hopes to utilize this token to lower transaction fees and increase operation speed within the country.
The BVI has partnered with blockchain startup LifeLabs, who is also developing Rapid Cash Response to deliver aid during national emergency.
The Marshall Islands have also announced they will be developing a state-backed cryptocurrency.
However, the Marshall Islands are hoping to ditch the U.S. dollar for a digital currency that would be utilized over the many islands.