Gov't rubbishes claims of developing a new digital currency
"Contrary to those media reports, the Government of the Virgin Islands is not in the process of developing or launching its own national cryptocurrency, neither by itself nor in partnership with any other entity, to replace the US dollar with a digital currency," a media statement from the government information said late Friday, December 13, 2019.
Proposals made to Gov't
Prior to the statement, a digital startup called LifeLabs had announced that it is working with the territory on the development of the national 'BVI~LIFE' cryptocurrency.
And, according to the Government statement, "The Government of the British Virgin Islands has been receiving proposals and expressions of interest from numerous international firms that would like to make the Territory their base of operations, or simply to trade and offer their services in the Territory. One such company is LifeLabs.io, which is in the cryptocurrency business," it said.
It said based on presentations made by LifeLabs, the company intends to offer a product with the letters “BVI” in the brand name.
"This, however, does not mean that this particular product has been developed by or in collaboration with the Government of the Virgin Islands as a national currency, nor that it will be adopted as the Territory’s national currency. Any such statement or inference is absolutely untrue."
VI can be a financial hub - Premier Fahie
Premier Fahie, in an October 23, 2019 media statement, remarked that several digital companies had expressed interest in bringing their bases of operations to the VI and his government was exploring the options.
Speaking at the recent December 3, 2019 opening of the ‘BVI's Digital Economy symposium’ at Maria’s by the Sea, Hon Fahie said digitisation was happening globally and the VI has been tapped with a number of proposals that could potentially position the territory as a Financial Technology hub.
“We also have blockchain technology... which offers significant benefits to the BVI, which are paramount to the territory. We welcome this innovative technological advancement with open arms,” Hon Fahie said. No project was confirmed; however.
USD remains the official currency
In Friday's GIS release, the administration affirmed that the Virgin Islands adopted the US dollar as its currency in 1959 and has made no commitments to replace it as the official currency in any form.
It said, however, that the government is keen to explore proposals that will "provide economic stability and resilience, and enable the Territory to maintain and improve its competitive position at the forefront of digital innovation, particularly in financial services."
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9 Responses to “Gov't rubbishes claims of developing a new digital currency”
There are several areas available to government's exploration, for further financial advancement. For example a National Education Lottery. In the 1980s, California explored and developed a Lottery explictily for the funding of education. Throughout any given day, the Puerto Rico Lottery, St. Thomas and the Dominican Republic are holding lottery drawings that doesn't really benefit the BVI, except a winning here and there that creates excitement for the persons winning, without taking into account the moneys lossed by the accumulation of the many losers.