BVI Continues Fintech Push With Proposed Digital Currency, BVI~LIFE

The British Virgin Islands is continuing its push into the financial technology (Fintech) space as a means of ensuring that it is not left behind as technology moves forward. At its recent Digital Economy Symposium held on December 3, 2019, the BVI Government reconfirmed its commitment to the development of the Fintech sector through its ongoing partnership with LIFElabs.io which will develop the systems for providing rapid cash response in emergency situations, and also create an alternative digital currency payment method to facilitate financial transactions across the Territory. The current proposal is for a government-backed digital currency called BVI~LIFE which will be pegged to the United States dollar at a 1:1 ratio.