The British Virgin Islands issue their own currency

The British Virgin Islands, on which cryptocurrency companies are based, announced in early December 2019 the creation of their own cryptocurrency BVI ~ LIFE, in order to abandon the use of US dollars.

The British Overseas Territory, consisting of more than 50 islands, has been using the US dollar since 1959. It has been announced that the rate of one digital cryptocurrency token against the dollar will be one-to-one. In the future, such an innovation will speed up cash operations and reduce transfer fees.

“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.” - Premier Andrew Fahie

According to Bloomberg, BVI has one of the most liberal legislation regarding virtual currency in the world. One of the most used and stable cryptocurrencies tied to the dollar is Tether and the Bitfinex exchange are registered in the country.

Citizenship by investment programs