Blockchain firm LifeLabs has reportedly teamed up with the British Virgin Islands (BVI), in an attempt to introduce a new cryptocurrency with the name BVI~LIFE. 

Specifically, the cryptocurrency project is the next step in a masterplan, drafted out by the 2 organizations following their partnership, to bring about major growth for the local fintech scene. The cryptocurrency will be introduced at the BVI Digital Economy symposium. 

This will be a 1:1 US Dollars-pegged stablecoin, and will have the primary target to lower transactional costs, accelerate the current speed of transation and can be accessed by individuals and organizations outside of the 2 organizations, nominally tourists. 

“The importance of blockchain technology and the significant benefits it offers the BVI, are paramount to the Territory. We welcome this innovation with open arms. Our partner, LIFElabs, has demonstrated with their proven track record that their ideology is not just mere words, and we look forward to continuing our partnership with them on the rollout of BVI~LIFE, our digital currency.” BVI Premier Andrew Fahie shared his remarks regarding the announcement. 

LifeLabs has also conducting research to roll out Rapid Cash Response – a fund dedicated to offer support whenever some emergency on a nation-wide level occur. 

Per Coin360, the current price of Life token is $0.000083, after experiencing a 31% incline within 24 hours.