The British Virgin Islands has denied the launch of its own stablecoin. On the 3rd of December, the British Virgin Islands (BVI) announced its stablecoin named BVI-LIFE. Reportedly, the government developed the stablecoin in partnership with blockchain startup firm LIFELabs. The coin was to be used within the British Overseas Territory.
But the BVI government is now denying the launch. Now according to the press release, the government is not replacing US dollar as the official currency. In fact, the government states that they are not even in a process to develop a cryptocurrency of their own. They added that no other entities are doing to by using their name.
Statement of the Government
The government stated, “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. 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.”
Open to Innovation
The government also agrees to the fact that many international firms came up with the same kind of proposal, LIFELabs being one of them. The government states that it is still open to new ideas and innovations which leads to better living for the citizens. They have no issues with the firms involved in green energy and digital services, etc. within the country. It includes the companies that operate into cryptocurrency and blockchain as well.
But the news of developing a national stablecoin in partnership with LIFELabs is a misunderstanding according to the government. This announcement may trigger some sell-off within the crypto market which may help the bearish market to uphold some power.