Effectively, cryptocurrency is a digital form of currency or an internet-based medium of exchange which uses cryptographical functions to conduct financial transactions. Premier Andrew Fahie said investing in this medium will benefit the territory in years to come.

“As a government, we are committed to supporting areas like asset recovery, Islamic Finance and family offices and positioning BVI at the forefront of Fintech with cryptocurrency, Initial Coin Offerings (ICOs) and Blockchain, all potential areas of development. I call this backing the future,” said Premier Fahie who is also the territory’s Minister of Finance.

He further explained that blockchain technology — which looks at the BVI’s digital currency — offers significant benefits to the BVI that he believes are paramount to the territory’s success.

“The move to digitisation is happening globally, and BVI has an opportunity to create an economic driver to stimulate its economy. I must say that this new wave has made a big impact on economies and impacts all sectors, including governments, marine, real estate, banking, agriculture, and general commerce,” Premier Fahie stated.

National digital currency

Meanwhile, a blockchain ecosystem company called LIFElabs has said in a media release and on social media site Twitter that they have entered into a partnership with government to develop a national digital currency named ‘BVI~LIFE™’.

Lifelabs Chief Executive Officer Sanjay Jadhav said in the release that the BVI will stand to benefit from this historic venture.

“This partnership puts us in a unique position to make a massive impact in a place that really stands to benefit. The foundation of a digital currency is necessary groundwork for the British Virgin Islands to continue to serve the global economy as it has in the past with the onset of the blockchain revolution,” Jadhav said.