THELOGICALINDIAN - The government of the British Virgin Islands has afresh appear that it will not be ablution its own stablecoin admitting bounded media letters of a called agenda asset actuality in development
BVI Denies Digital Currency Rumors
Only two weeks ago, about December 3rd, the government of the British Virgin Islands (BVI) appear that it will barrage its own stablecoin — BVI-LIFE. The bread was declared to be a aftereffect of a affiliation with a blockchain startup accepted as LIFELabs.
Furthermore, according to Bitcoinist, it was additionally declared to be acclimated aural the British Overseas Territory. This affiliation with LIFELabs was appear some time ago, dating aback to April 18th, 2019.
However, article charge accept afflicted in the aftermost two weeks, as the BVI government aback started abstinent that the badge will see the launch. As mentioned, the state-backed stablecoin was declared to access use, and potentially alter the USD, admitting the actuality that it was declared to be called to it.
However, the new press release indicates that the BVI government has no ambition of replacing the USD as its official currency. Not alone that, but it appears that the badge will not see the ablaze of day, at all.
In fact, the government’s account acutely says that they are not in the action of developing or ablution their civic cryptocurrency, adverse to the media reports. They additionally fatigued that none of their partners, or added entities are accomplishing so in their name, either. There are no affairs to alter the USD with some agenda currency.
It continues,
BVI supports innovation, but has no affairs to barrage a stablecoin
The government did accept that they were approached with the idea, and that abounding all-embracing firms came with the angle to barter and/or action their casework aural the BVI territory. They acclaimed that LIFELabs is one of those firms.
Of course, the government fatigued that they are still accessible to addition and arising technologies. They are not adjoin any technology that ability advance to bigger active altitude for their citizens, as able-bodied as companies that accept launched their businesses aural the country. That includes firms complex in acute technology, blooming energy, and alike agenda services, which accommodate cryptocurrency and blockchain.
But, they insisted that the absolute abstraction of them developing a civic stablecoin with LIFELabs with affairs of replacing the USD is annihilation added than a misunderstanding.
Many were anxious that this advertisement ability activate a above sell-off aural the crypto market, although this is awful unlikely. Still, the abnegation of the antecedent advertisement ability still advice the bearish bazaar accretion greater ability aural the crypto space.
As abounding ability know, Bitcoin recently alone beneath $7,000, and its amount at the time of autograph alike bankrupt a $6,800 barrier, currently sitting at $6,707. The blow of the bazaar is seeing losses as well, with Ethereum currently actuality priced at $123, while XRP, the third-largest cryptocurrency, currently actuality at $0.185082.
What are your thoughts on this new development? Let us apperceive in the comments below.
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