The British Virgin Islands takes steps towards a digital currency

Today, the British Virgin Islands will be conducting its Digital Economy symposium. This year, one of the highlights of the event will be the unveiling of plans for a British Virgin Islands’ digital currency, BVI~LIFE, which will be presented by its partner LIFELabs.io. The main feature of BVI~LIFE is that it will allow the British Virgin Islands to transition from using the US Dollar for monetary transactions and have an independent digital currency. The use of the currency is expected to decrease the time spent on transactions, the costs of transactions and also provide tourists with easy access to a local currency. BVI~LIFE will be pegged to the US dollar with an exchange rate of 1:1. We noted that the term “central bank digital currency” or CBDC was not used in the announcement. Although LIFElabs did refer to it as a “central digital currency” powered by LIFEtoken, the firm’s cryptocurrency. We asked LIFElabs to confirm that this is not a Central Bank Digital Currency, but essentially a government approved private currency.

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