Of all the current trends within the cryptocurrency industry that seem to be on their way to lasting into the future, the development of digital tokens by countries and regions of the world seems to be one of them. This is ironic considering how much pushback cryptocurrency faced in the initial stages of its existence but is now being embraced by world governments in countries such as China and the Bahamas. Particularly with China launching its national digital token sometime next year, it is believed that there will be a spike in countries exploring the possibility of creating their own digital tokens in order to keep up.
According to a recent announcement, the British virgin islands will be collaborating with LifeLabs to develop a new digital token called BVI-LIFE.
The new token will be presented at the BVI Digital Economy symposium and is part of an initiative by the British virgin islands to develop the local fintech industry. The token will be paid 1:1 to the US dollar which has been the British virgin island’s official currency since 1959 and its use is expected to help reduce the cost associated with money transfers as well as speed up the process and appeal to outsiders.
Another development that is in the works is the Rapid Cash Response which is intended to be deployed during times of emergency. This is similar to a statement made by the Bahamas when announcing the development of their digital currency as the initiative is expected to come in handy in terms of a disaster such as the recent hurricane.
“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,” said BVI Premier Andrew Fahie.
While the British Virgin Islands’ cryptocurrency is tied to the US dollar, the Marshall islands are doing the opposite as they have announced the development of a new token that will be accessible to all the islands that make up the country but will not be tied to the US dollar.