The British Virgin Islands is conducting its BVI Digital Economy symposium today, an event that is expected to include a presentation detailing the rollout of a planned digital currency. Those details will be provided by BVI partner LIFELabs, which is working with the British Virgin Islands to create a digital currency and national emergency Rapid Cash Response fund.
In a press release announcing the news, LIFELabs noted that the December 3 event will host more than 100 stakeholders from both the public and private sector. The symposium is designed to provide those thought-leaders a forum to connect and collaborate to help facilitate BVI’s efforts to build on its financial technology industry as it strives to become a leader in digital technology.
LIFELabs plans to present more details about how the new currency can lower transaction fees and speeds and reduce the islands’ reliance on the U.S. dollar throughout its economy. There will also be details about the Rapid Cash Response system, designed to ensure that the government can get funds into islanders’ hands quickly whenever disaster strikes.
BVI Premier Andrew Fahie highlighted the importance of pursuing innovation, while praising LIFELabs:
“The importance of blockchain technology and the significant benefits it offers the BVI, are paramount to the Territory. We welcome this innovation with open arms. Our partner, LIFElabs, has demonstrated with their proven track record that their ideology is not just mere words, and we look forward to continuing our partnership with them on the rollout of BVI~LIFE, our digital currency.”