The Government of the British Virgin Islands has clarified its plans to use state cryptocurrency, iHodl Russia reports.
As it states, the Government of the Virgin Islands is not developing its own national cryptocurrency to replace the U.S. dollar.
According to the official press release, the Government is committed to creating an economic space "that embraces modern technology and where residents and businesses retain the freedom to choose how they do business based on their own preferences."
"Adoption of this technology by persons in our economic space can occur without any change in the Territory’s official currency," the press release states.
Previously iHodl reported that a blockchain startup LifeLabs announced about collaboration with the British Virgin Islands on the development of BVI~LIFE, a digital currency.
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