Blockchain startup LifeLabs has just announced it is working with the British Virgin Islands on the development of BVI~LIFE, a digital currency, the company has reported through a press release.
The development of this new digital currency is reportedly part of the island’s project to expand their local fintech sector.
BVI~LIFE will be backed by the US dollar in a 1:1 ratio, which means that each token of this new currency will be backed by 1 dollar. The British Virgin Islands have been using the official US currency since 1959.
The goal of this currency is to reduce transaction fees, increase the speed of transactions and be accessible to a wider audience.
The price of Life, LifeLabs' native token, has jumped 31% in the 24 hours after the announcement, reaching $0.000083, according to data provided by price tracking resource Coin360.
Last year iHodl Spain reported the Marshall Islands planned to launch its own digital currency. However, in its case, it is not a currency pegged to the dollar, but the opposite. The Sovereign plans to become an independent token to help the islands avoid the dominance of the US dollar.
Subscribe to our Telegram channel to stay up to date on the latest crypto and blockchain news.