BVI News

Major cryptocurrency moves! Gov’t reportedly to develop a national digital currency for BVI

Premier Andrew Fahie

Government has indicated that it has a vested interest in pursuing cryptocurrency in the British Virgin Islands and has reportedly entered into an agreement to develop a digital currency for the territory.

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.

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25 Comments

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  1. Nice Try Fat Mo says:

    The Alphabet Boys still gonna chase those illicit funds

    Like 7
    Dislike 1
    • BVI AIRWAYS says:

      Here it comes. Fahie’s get rich scheme. This will play out worse than BVI Airways. The Territory is going to become a hub of illicit finance for Drug Cartels, Money Laundering and Terrorism Financing. Well done Mr. Premier. You have now officially move yourself and the good people of the Territory to the dark side. The Territory will no longer be known as “natures little secret”, it’ll be know as “hiding your money and it’s secrets”

      Like 26
      Dislike 4
      • @BVI AIRWAYS says:

        I couldn’t agree more with BVI AIRWAYS. It is purely amazing that the people of the Territory exemplify themselves as religious and God fearing people and yet their government only seeks to get involved in corrupt and unlawful ventures which are supported by the clergy of the Territory. It is simply amazing. In lieu of “get rich quick schemes” how about venturing into legal ways to move forward the Territory so that ALL the people can benefit.

        Like 7
        Dislike 2
      • Billfargo says:

        Common sense isn’t too common most of the time! (Prime example)…………

      • Major Tom says:

        What is the status of BVI Airlines investigation? And the School Wall police investigation?
        And the promised Whisteblower laws?

      • Sad says:

        Clearly you don’t understand what transparent and immutable mean. You have to comply with anti money laundering and KYC just to get an account. It’s no different than getting a bank account. This is a good thing.

  2. Hmmm says:

    The point of a cryto currency is to keep national governments out of it – involving the BVI Govt is an unusal thing to do although maybe the fact that we don’t have a central bank saves the day.

    Like 12
    • DeCentralise says:

      @Hmmm, that’s precisely the point. The main concept is about privacy especially from the government and other Third {arties. Overseers

  3. CHANGE says:

    ONE CRYPTO VALUES ABOUT 12,000.00 $$$
    IF I WANT A BOTTLE OF WATER THE SUPERMARKET WILL GIVE ME 11,999.00 DOLLARS CHANGE? HOW SHOULD THAT WORK. LETS BE HAPPY THAT WE STILL HAVE THE GREENIES

    Like 4
    Dislike 1
    • crypt says:

      it does not work that way. also the currency the BVI is not bitcoin, so the value is no where near $12K. Generally if you have 1 bitcoin, and you need to pay for a bottle of water you will spend only what it values, there is no change to collect as the transaction only deducts the exact amount from your e-wallet.

    • BS! says:

      As an example – one Bitcoin is divisible to 8 decimal places. The smallest unit is known as a Satoshi (think of a penny but much much smaller). You can spend any part of a bitcoin down to one-hundredth millionth (a Satoshi).
      You don’t have to but a whole bitcoin and you certainly don’t have to spend one. Also today the price is a bargain at $7,235 per bitcoin.

  4. TurtleDove says:

    The Government of the day should have a vested interest in fixing the sewer system, roads, air/ferry transportation let’s think outside the box to fix these things first…..Seems like every day something is being thrown against the wall.

    Like 16
    • Exactly! says:

      @TurtleDove, you have certainly made a very valuable contribution. After all the years of being in politics and running campaigns, one would think that gathering a few clear and brilliant minds together and suggest that they project a vision of the BVI say 15 -20 years into the future would be an Innovative approach. Apparently that hasn’t happened. What has the government in power ran on? 1000 jobs in 1000 days. Regularising, with the hope of those being Regularised keeping their dollars in the territory instead of outward bound was another grand idea. Lately Drag-racing has again resurfaced. The Biger-better-noisier bikes and Jet skies are I guess, still on the drawing board. With numerous years in politics, over 20 one should have a clear picture of BVI from several points of view; social, health wise, financial, educationally with a clear road map in place.
      It seems 4 years between elections is ample time to germinate a meaningful Vision for the country’s development and forward momentum. No, that hasn’t happened; meanwhile consultants (described as someone who borrows your watch to tell you the time) stand ready gnaw away at the tax-payers purse. That’s what happens according to the mantra: “where there’s no vision the people perish”. Here we are, just days away from the one year mark of our Unconventional, Innovative, Transparent and Accountable government.
      Some say its to early to grade the new government. But I ask what else is needed in order to grade the government and get an idea of where the country is headed when contracts are being awarded; especially to some, directly bypassing the bidding process, when consultants contracts are being renewed and extended without making an assessment of service already performed, when overly-generous extended rental contracts are being awarded to party affiliates/supporters etc? Someone of the cloth continuously reminds us that: “No one in shining armour or white robe riding upon a horse will save us”

  5. hi says:

    It just seems like the Government is just dirtying its hands in everything and not fixing or improving nothing. Stop dabbling in everything and focus and complete one project at a time. Keep your mouths shut if you are just in the exploratory stage until the project is finally on the table… Gosh man!!!!

    Like 8
    Dislike 1
    • CW says:

      STRUPE COMMENT

      This the same attitude ALWAYS CRYING
      “why didn’t this get done faster?”
      “What’s the holdup?”
      “We need better workers!”
      “What’s in it for me?”
      “I wanted a different project!”
      “I don’t like it!”
      “This is a bad idea!”

      All while typing and doing NOTHING to help yourself, let alone your fellows citizens of the BVI…

      Now you want one project completed at a time?

      You obviously have never worked at any complex project in your life. Everything in every government on the planet gets done simultaneously. Is that really your best contribution?

  6. TOO SOON says:

    whats the point in jumping out with a centralized cryptocurrency tied to the US dollar????

    There are already cryptocurrencies that no one person or government owns. That is where the real value is. Use what is already there.

    We dont need to pay some foreign company millions of dollars to design a whole new currency.

    Oh here we go, always paying a foreign company millions.

    Put the infrastructure in place, pay the local lawyers of whom there is an abundance, and run off the existing cryptocurrencies.

    Save tax paper money.

    Want a currency tied to the US dollar? There is already one.

    You want to re-invent the wheel and put a BVI stamp on it. It doesnt make sense.

    Pay our lawyers to be as innovative as they were for The International Business Companies Act, 1984

    This is a real crazy step to make without consulting the people.

    Bi-water deal all over again?

    Like 4
    Dislike 1
    • TruDat! says:

      Linking to the USD is NOT the way to go, them banks failing and they are in serious debt. That could be the next failed state when Trump is finished. Better to find a stable coin with a future.

      Like 1
      Dislike 1
      • @Tru says:

        You are a complete moron. US banks failing? Where and which ones. The US economy has never been better and especially for the Black man. Obama filled his pockets just like the leaders of the BVI. HE ENTERED HIS PRESIDENCY BROKE. HE IS NOW WORTH $135 million in 3 years. The Black man is the same everywhere

        Like 3
        Dislike 2
    • Wowww assumptions much? says:

      Government ain’t paid nobody a dime. This is all funded by the private sector to enhance to lives of the Virgin Islanders. Stop spreading your make believe nonsense. The world is changing and this talk won’t secure our future within fintech. Smh

  7. mafia says:

    Now we know the need for bodyguards

    Like 6
    Dislike 1
  8. LoveMyBVI says:

    What the H**l is wrong with this man!! He get to be the premier Jack donkey. The don’t have a clue what to do.

    While I’m at it, that w**d woman was very disrespectful to the Governor at the Late Premier’s funeral yesterday. She need sending home!! and to add insult to injury
    the now premier failed to correct the situation (but protocol already established) HOG WASH!!

    Like 3
    Dislike 1
  9. CW says:

    SMH STRUPE NEGATIVITY

    You want to keep even a small sliver of financial services, this is the smartest move to ensure the future. Remember? One of your two economic pillars? I seem to recall STRUPE COMMENTS crying about new laws and regulations of offshore financial services and how it would be the death of poor pitiful you. How is it that the same STRUPE THINKING is being displayed now that a smart financial services initiative has been introduced. You won’t even give it a chance despite being totally uneducated about crypto currency, which doesn’t mean just Bitcoin. You won’t bother to learn, you will only bother to project your STRUPE COMMENTS AND YOUR HATE online. Shame on you for always being so negative and trying to bring down others.

  10. Details says:

    Anyone know how lifelabs current coin will translate to the new bvi-life coin?

    • Great question. says:

      The stablecoin (BVI~Life) is powered by LIFEtoken. It’s value is attached to USD.

      The bigger question is custodian ( the USD)…. for the record , it will be a bank or banks and run from a non biased board, to include the company , gov and the bank.

      This is the future and the rest of the world is beating us to the punch. Wake up BVI – let’s support this opportunity!

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