As part of a massive expansion of the financial technology sector, the British Virgin Islands (BVI) announced the development of its own BVI~LIFE cryptocurrency with the LifeLabs blockchainBlockchain
is a continuous and sequential block chain of information (digital linked list). When building a blockchain, copies of related blocks are simultaneously stored on multiple computers.Details startup.
In partnership with LifeLabs, the government is committed to introducing a centralized digital currency based on a Life tokenToken
– is an accounting unit that is used to represent a digital balance in an asset.Details tied 1:1 to the US dollar for use on the territory. It is expected that this transition will reduce transactionTransaction
– is a financial term that means a logically meaningful operation that can only be carried out completely. Details fees, increase the speed of transactions and become available for residents of the British Isles and for tourists. Cryptocurrency news reports that stablecoin will be presented at the BVI Digital Economy Symposium.
Virgin Islands Prime Minister Andrew Fahie noted that “the blockchain has several advantages for the BVI and is looking forward to launching their own cryptocurrency.” Recent events have affected the price of the Life coin, which has grown by almost 31% over the past day.
Sanjay Jadhav, CEO of LifeLabs, explained:
“The launch of stablecoin is an essential foundation for the British Virgin Islands so that they continue to grow in the global economy.”
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