British Virgin Islands abandoned the idea of launching a national digital currency
BVI authorities have announced they have no plans to launch their own stablecoin, despite media reports.
Earlier this month, it was reported that the Virgin Islands would issue a national digital currency, BVI-LIFE, in collaboration with a startup LIFELabs. Previously, local authorities have confirmed a link with LIFELabs in another project. It was assumed that the stablecoin would be available for wide circulation, and its rate would be pegged to the US dollar at a 1 to 1 ratio.
“Our partner LIFElabs has demonstrated through his track record that his ideology is not just words. We are looking forward to the opportunity for further cooperation with him on the issue of launching our digital currency BVI ~ LIFE “, – quoted LIFElabs as the words of Prime Minister Andrew Fahy.
The latest press release, however, reflects a different position: “Contrary to media reports, the Virgin Islands authorities are not in the process of launching their national cryptocurrency, either independently or in collaboration with any other entity, to replace the US dollar as your currency. The British Virgin Islands adopted the US dollar as their currency in 1959 and do not intend to replace it as an official currency in any form. “.
The territorial administration confirms that it maintains contact with a number of interested companies, including LIFElabs, and remains open to innovations and modern technologies that can improve the lives of the country’s residents.
Earlier, the International Monetary Fund recommended that the Marshall Islands not issue a national cryptocurrency. “In the absence of adequate risk mitigation measures, issuing a decentralized digital currency as a second legal tender will not only increase macroeconomic risks and risks to financial integrity, but also increase the risk of losing the last correspondent links for settlements in US dollars,” the organization said..
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