No need to change BVI’s US currency if independent
A fear that the BVI may lose the US dollar as its official currency once it becomes independent appears to be largely unfounded, an international consultant on governance, Dr Carlyle Corbin has signalled.
Fears have persisted for some time with residents that once the BVI no longer has the United Kingdom as its administering power, it may lose the US dollar that has helped make it into such a very attractive destination to live and work over the years.
But in a recent appearance on the Honestly Speaking radio show with host Claude Skelton Cline, Dr Corbin explained that there is no particular need for the currency to be replaced.
“There is not required to be a change in the currency. You will find for example a number of countries in the world use the US dollar as their official currency, Ecuador being one,” Dr Corbin said.
He also pointed to other British Overseas Territories, as well as Bonaire, a Dutch dependency in the Caribbean, which still retain the US dollar as their official currency.
BVI can shift from Privy Council once independent
Meanwhile, Dr Corbin also suggested that the BVI should have no issues selecting the Caribbean Court of Justice as a final court of appeal outside of the Privy Council if the territory were to attain independence.
According to Dr Corbin, this is an issue for governments to decide.
“I’m sure through various consultations, I believe one can retain the Privy Council, which many countries still have. But one can also move towards the Caribbean Court of Justice,” Dr Corbin stated.
He added: “That is a determination for the government on the basis of their own legal analysis and it’s very clear that the legal expertise in the Virgin Islands is very outstanding.”
Dr Corbin is an international expert on governance who has been commissioned by the current government to conduct an independent self-governance assessment of the BVI.
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The VIP government issued this consultation as a strategic way of undermining the COI.
Maybe, just maybe, this consultant will say whatever the government want him to say.
Imagine we was independent. We can grow and burn lots of weed so that every buddy down wind in the US get addicted to it den they gots to come to daddy for mo.
We don’t want independence until our laws protect us and our government can show that they can be trusted.
Bermuda, Cayman, Turks , BVI, Anguilla – the most prosperous islands in the Caribbean.
What do they have in common?
Zero? Really? Why are they taking money from my salary
Bermuda isn’t in the Caribbean.
Get Lost CSC!
Fahie and co pay him, with our money, to tell them what they want to hear.
Dr Carlyle Corbin, You still hear talking CRAP that most BVI landers at least the smart ones don’t care about what you have to say. I still can’t understand the reason why you are here in the first place.
Corbin….. Hmmm we going got to buss he head so he can go home.
You will also find that a number of countries are already exploring ways to escape from the money printing machine that is the USA. making Bitcoin legal tender is a great way to secure your financial independence from a system that you have no control over.
Your home is not more expensive today because older depreciating assets become more valuable. Your home is more expensive today because you can buy much less with today’s dollar. The TRILLIONS in new money printed over the last 2 years do not help this at all. The US dollar – and all other fiat currencies are dying.
Crypto is the way to go. Done got mine.
And you can use the same crypto at Rite Way, BVIEC, gas stations can’t you? Oops, no you cannot.
Hey Phil, some of us bought computers before “everyone” had them – because we knew that sooner or later – everyone would have them. You can wait until everyone accepts Bitcoin for goods and services (because that day will come) or you can start filling your boots now to prepare for that day.
Bitcoin adoption is not a question of IF it’s a question of WHEN. It’s a revolutionary non-inflationary asset. there will only ever be 21 million Bitcoin. Get on board now or spend the rest of your time regretting that you didn’t listen when you had the chance.
Bitcoin is anti green. It uses huge amounts of electricity in “mining” the stuff. It is not anti inflationary. Its value is artificially rising on mere speculation. For Gods sake dont suggest it to our government again. The once they lauded it, their enthusiasm sank like a stone.
If you bought a computer long time yiu now have a piece a junk!
I want the present administration to put independence on their manifesto and lets see how much votes they get. They need to stop this talk. We are still in toddler stage as a territory.
The choice of whether the dollar stays in the BVI rests solely in the hands of the US government, not the BVI. Based on the initial motivation of the COI, it is highly unlikely the US would allow BVI to keep the dollar without any kind of oversight.
That is simply not true. Check your facts, please.
intersting he says to move to the CCJ – theoretically a good thing but something even the big Caribbean countries have shunned to date – which would be deadly to our economy as companies migrate en maser to our competitors within days.
but he doesn’t think the EC Dollar is good enough.
He likes to sound anti-colonial yet advocates moving closer to the waning but largest empire on Earth.
And he’d do well to remember that they have such thing as FCPA and automatic jurisdiction regarding all transactions, with our use of the dollar.Adrift from the UK, one can doubt the US would be as lenient as the COI.
The minimum wage in the BVI is $7.50 an hour. What is the cost of a gallon of milk? Months ago, our government spend $5 million dollars for legal representation for the COI. In the meanwhile, our only public school is in shamble. Our streets smell like open sewage. We burn our garbage. We have our mental health people accosting the tourists. Please keep in mind, that tourism is one of our biggest economies. I am not against independence; the question is whether we are ready or not. We cannot always believe these experts; they are getting pay to answer a question, by the persons who paid them.
When did it raise to $7.50? The last time I checked it was $6.00
@BVI Future: Don’t forget there is also a legal bill up for discussion to be paid out of taxpayers money for the Speaker of the House.
the min wage is $6.00 . $950 a month.
Island people from independent countries here fighting we for our jobs and trying to get belongership
The choice of whether the dollar stays with the BVI actually does not rest with the US government. It is a local government decision.
The US dollar is legal tender in the following countries:- Ecuador, El Salvador, Zimbabwe, The British Virgin Islands, The Turks and Caicos, Timor and Leste, Bonaire, Micronesia, Palau, Marshall Islands, and Panama.
The US government DOES NOT prevent foreign countries from using it’s currency. Almost all countries does not prevent another from using it’s currency.
There is nothing illegal in declaring a foreign currency as legal tender.
Someone is really trying all sorts of tactics to convince the general population that Independance is the way to go for the BVI. I WILL NOT BE VOTING IN FAVOR OF SUCH.
Who is this so-called “expert” and where is this so-called “report” he has written? It doesn’t seem to be available anywhere. Does it exist?
I mean…these peoples cannot understands that we don’t want independence.
The US dollar wouldn’t be worth a dog’s bump when Putin done with them
In my view (agree with Dr. Corbin), if the VI were to attain independence, free association, etc, it would not lose the ability to keep the US dollar as its legal tender currency. With ‘dollarization,’ countries can make the US dollar their legal tender currency, ie, TCI, Bonaire, Ecuador, Panama( the Balboa and US dollar the legal tender currency), among others. Countries also peg their domestic currency to the US dollar. The down side to a country using the US dollar as its legal tender currency is that it lacks control of its monetary policy. The Federal Reserve manages the US’ monetary policy.
@E. Leonard, your assertion is a pinnochio and you know it. The US has to approve an country using its currency as legal tender. The dollarization notion is asshisness and misplaced. The Federal Reserve only has authority in the US and territories. Quit following Corbin and with his snake oil nonsense.
first you need to learn (WHAT ) is an island / you are embarrassing us to the world, second , if we have available and and we cannot or don’t want to do it , how is that fighting you , who just want to chill on the block smoking CRACK/weed , and robbing and killing eachother 🤔 ❓
Have fun staying poor.
Won’t it be a good thing if ALL the ISLANDS in the CARIBBEAN use the U. S $$$ only.?
Why is Dr.Corbin’s Photo depicts him wearing a mask?
Could it be that something smells here?
Dr.Corbin is a recycled Expert.Take off your Mask Doc!We know You! Back in Tola again with your Shite! How come the USVI is not seeking Independence? YOU think you Bright! Unfortunately
You convinced these Yahoos that you are Right, but we smell a Rat wanting to get our CHEESE.
PHD??? Pathetic Hopeless Dunce!
Who is paying for this consultant? Stop wasting tax payers money on these self serving nonsense. There has been no public referendum to even discuss this (which by UN requirements should be done), and yet the people are strongly against it. We Do No Want It! Ayo deaf?!? Geesh man! At what point do you start listening to what the people want?
Also, yall need to keep your eyes wide open because these are the people yall elected to lead. Call it a lesson learnt and vote wisely next time
I want my vote back….wait a minute I didn’t vote for these idiots and A** Clowns