British Virgin Islands: the government has recently announced that it will not launch its own stablecoin, despite local media coverage of the project.

Just two weeks ago, the British Virgin Islands Government (BVI) announced that it would launch its own stablecoin, BVI-LIFE. The digital coin was to be the result of a partnership with the LIFELabs startup. However, now it turns out that the project will not start.

British Virgin Islands: dreams and reality

Now the BVI government has suddenly started denying that the token will be activated at all. The authorities claim that they are not at all in the process of developing or launching any national crypto. They also stress that none of their partners or other subordinates are doing so either. There are no plans to convert the USD into a digital currency.

At the same time, the government stresses that it is still open to innovation and new technologies. It is also not against any technology that could lead to better living conditions for its citizens, as well as technology companies that have opened their offices in its country. It added that the latter also applies to companies dealing with artificial intelligence, RES, and even digital services, including cryptocurrencies and blockchain.

However, the rulers stressed that the idea of creating a national stablecoin in cooperation with LIFELabs and plans to replace the USD is nothing but a misunderstanding.

Stablecoins

Probably the news about BVI’s stablecoin was just a fake news item. It is also possible that the media misinterpreted certain reports from the government camp or the company that was supposed to stand behind the project.

This does not change the fact that domestic stablecoins are becoming a new trend. A digital yuan is to be aired in 2020. In addition, reading the new media reports, one can conclude that the European Central Bank (ECB) has also seriously started work on the digital euro. It is said that the institution has even developed a proof-of-concept (PoC) algorithm that allows for the anonymity of the crypto network, which the central bank would stand for. According to European experts, ‘using the Corda platform, a simplified CBDC payment system can be built that protects users’ privacy for lower value transactions, while ensuring that higher value transactions are subject to mandatory AML / CFT checks’.