BVI News

False claims! Gov’t is not developing a national cryptocurrency for BVI — Premier’s Office

Premier Andrew Fahie

Local government is rejecting reports which suggest that they have partnered with a private company to develop a national cryptocurrency for the British Virgin Islands.

A number of reports and social media postings have claimed in recent times that government had entered into a partnership with a cryptocurrency company named LIFElabs.

The Office of the Premier has since released a response which stated: “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.”

“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,” the Office of the Premier further said.

Government also rejected reports which suggested that the national cryptocurrency will be replacing the current national currency of the BVI, which is the US dollar.

“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 Office of the Premier said.

Following a recent BVI Digital Economy Symposium which was held on December 3, LIFElabs took to the social media platform Twitter and indicated that they were in a partnership with the BVI government.

The post stated: “LIFElabs announces BVI~LIFE™ a digital currency for the betterment of the British Virgin Islands. At an event hosted by Andrew Fahie, Premier of the BVI, the partnership on the rollout of the #stablecoin was announced.”

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11 Comments

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  1. vip heckler says:

    Should we believe every word?

    Like 5
    Dislike 5
    • Caught says:

      Fahie caught with hand in the cookie jar. Now retracting everything he said before. Call up Obama so he can teach you how to lie to the Black Man. Fahie d**ber than he looks….if that is possible.

      Like 5
      Dislike 10
    • Rubber Duck says:

      We already have about the worst reputation in the world for financial crookedness.

      A drug dealers exchange mechanism ( cryptocurrency in other words ) is the last thing we need.

  2. My two cents says:

    Well somebody is lying. Because last week’s article in Bloomberg and others are saying completely different. Who to believe?

    Like 14
    Dislike 3
  3. :) says:

    I knew this wasn’t true why would anybody make crypto currency as their national currency?. Crypto was doing well initially but is up and down lately. Either the crypto guys spreading rumors to increase stock value or this is political mischief.

    Like 9
    Dislike 5
  4. Bush Tea Sipping says:

    Sip-Sip-Sip

  5. Read carefully says:

    The digital currency was offered as an alternative, NOT replacement. It would make buying things easier and easier
    To do business especially in the otter islands. We need better, national bank doesn’t even offer cards or atm. This government is trying to advance the BVI … digital currency is moving forward around the world, no question. We should have ours too. Bring BVI life

  6. There's a term for this says:

    “Amateur hour”

    Like 4
    Dislike 1
  7. drock says:

    https://www.lifelabs.io/

    their website, i.e. storefront, says different . . .

    Introducing BVI~LIFE™
    British Virgin Islands Government & LIFElabs.io to develop BVI~LIFE™ USD$ pegged Stablecoin

    Like 4
    Dislike 1
  8. Phoenix says:

    Nothing matters except the fact this is EXCELLENT news!

  9. Vic says:

    BVV~LIFE is an Alternative currency because Banks in BVI are sh**ty. A faster, much cheaper transaction method pegged to USD 1:1 is a no brainer. This is the future, Stablecoins you can easily be your own bank, plus utilize a debit card.

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