- Dec 10, 2019
The British Virgin Islands has denied the launch of its own stablecoin. On the 3rd of December, the British Virgin Islands (BVI) announced its stablecoin named BVI-LIFE. Reportedly, the government developed the stablecoin in partnership with blockchain startup firm LIFELabs. The coin was to be used within the British Overseas Territory.
But the BVI government is now denying the launch. Now according to the press release, the government is not replacing US dollar as the official currency. In fact, the government states that they are not even in a process to develop a cryptocurrency of their own. They added that no other entities are doing to by using their name.
sources>>British Virgin Islands denies the launch of its own stablecoin