Beautiful Virgin Islands

Tuesday, Jun 24, 2025

Details of Virgin Islands cryptocurrency revealed

A cryptocurrency company that announced a partnership with government in May presented more details of its planned rollout of a digital currency in the Virgin Islands, to be known as BVI~LIFE, as part of a daylong BVI Digital Economy Symposium held Tuesday at Maria’s by the Sea.

“This partnership puts us in a unique position to make a massive impact in a place that really stands to benefit,” said Sanjay Jadhav, the CEO of the firm LIFElabs.io. “The foundation of a digital currency is necessary groundwork for the British Virgin Islands to continue to serve the global economy as it has in the past with the onset of the blockchain revolution.”

This week the firm issued a press release stating that the technology should “reduce transactional fees, increase transaction speed, and be accessible to BVIslanders and tourists alike.”


How it works

A video shown to the audience on Tuesday suggested that when the BVI~LIFE “ecosystem” is implemented throughout the territory, residents would be able to use the currency through either a “mobile wallet” in the form of a card similar to a debit card that uses cryptocurrencies managed by the app.

The transactions would be tracked at every step using blockchain technology, company representatives explained.

“You have instant access to your money,” the video explained. “You can instantly complete a transaction on your mobile device. [BVI~LIFE] makes it easy for businesses to get paid.”

The app also “allows you to track your income and expenses within the app and print financial records.”


‘Rapid cash response’

Additionally, the LIFElabs representatives said they are developing a “rapid cash response” fund to offer aid in the event of a national emergency such as Hurricane Irma, which took out infrastructure including telecommunications and banks, making it impossible for many residents to access cash.

“LIFElabs’ RCR will enable the government to swiftly respond to future disasters, affording islanders unimpeded access to their funds, and thus mitigating the negative impact to their welfare,” the release stated.

Mr. Jadhav added that the company’s “rapid cash response engine builds connections that … allow the donors, individuals, NGOs, corporations and users to send donations directly to this RCR fund, which can then be distributed to the islanders and the project sponsors.”

Because the cryptocurrency makes use of blockchain, donations will be able to be tracked easily each step along the way.

“This makes donations transparent and audible,” he added.

Mr. Jadhav addressed the issue of the lack of telecommunications, a major hindrance after Irma.

“Should [a connection] not be there for even five to 10 minutes you can do an offline transaction,” he said.


Government involvement

In the press release, Premier Andrew Fahie called the firm “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,” he said.

Although the premier praised the firm in his statements, emcee Claude Skelton-Cline, a consultant for the government, stressed that the government “has not yet made any decisions” on any official deal with LIFElabs or any other financial technology firm, explaining the company is “out there doing what they do as a private entity.”

“But all of this falls under the ambit of our Premier’s Office and his government, and decisions will be sought and heard as they see fit,” Mr. Skel- ton-Cline said.


Concerns addressed

For now, Mr. Jadhav said his firm is working with the government and banks to roll out the technology in time for next year’s hurricane season.

In explaining how the app would be regulated, he said, “In backing the local currency one to one, it will be up to the local banks here to be a custodian [of the funds. We want to be] audited by an external body and we want the [Fi- nancial Services Commission] to be involved.”

One attendee raised a concern about how donations would be distributed in the event of a disaster.

“The short answer is there will need to be decisions made and that will be up to the people to decide how that money is distributed,” said Chief Market- ing Officer David Pugh-Jones.

He added that when it comes to the VI, LIFElabs is “here to stay” and that the firm is in the process of establishing a head office here.

“We’re looking at buildings now; we are on an accelerating growth path to have local employees from the islands that will be here,” he said.


Other presenters

The one-day symposium also included presentations from Rosita Scatliffe-Thompson, a Virgin Islander representing fintech consultant firm SkyRoMa; Zia Paton of accounting firm PricewaterhouseCoopers; and two representatives from Maryland-based management consulting and information technology firm Jakeel Consulting.

The VI “has been tapped with a number of proposals that could potentially position [the territory] as a financial technology hub,” the premier said in his opening statements of the symposium. “Fintech is currently disrupting sectors with services such as mobile payments, money transfers, fundraising and [know-your-customer] compliance. … We welcome this innovative technological advancement with open arms.”

Newsletter

Related Articles

Beautiful Virgin Islands
0:00
0:00
Close
“You Have 12 Hours to Flee”: Israeli Threat Campaign Targets Surviving Iranian Officials
Macron and Merz: Europe must arm itself in an unstable world
Germany and Italy Under Pressure to Repatriate $245bn of Gold from US Vaults
Airlines Evaluate Flight Cancellations Amid Escalating US-Iran Tensions
Starmer Invites Innovators to Join Government Talent Scheme
UK Economy’s Strong Opening Quarter Shows Signs of Cooling
Harrods Seeks Court Order to Secure Al Fayed Estate for Victims
BA and Singapore Airlines Cancel Dubai Flights Amid Middle East Tensions
Trump Faces Backlash from MAGA Base Over Iran Strikes
Meta Bets $14 B on Alexandr Wang to Drive AI Ambitions
WATCH: Israeli forces show the aftermath of a massive airstrike at Iran's Isfahan nuclear site
FedEx Founder Fred Smith, ‘Heart and Soul’ of the Company, Dies at 80
Chinese Factories Shift Away from U.S. Amid Trump‑Era Tariffs
Pimco Seizes Opportunity in Japan’s Dislocated Bond Market
Labubu Doll Drives Pop Mart to Status as China’s Most Valuable Toy Maker
Global Coal Demand Defies Paris Accord Goals
We have new information and breaking details to share about what is shaping up to be a historic air campaign tonight
Six Massive Bombs Dropped on Fordow; Trump: 'A Historic Moment for the U.S., Israel, and the World'
Fordow: Deeply Buried Iranian Enrichment Site in U.S.–Israel Crosshairs
United States Conducts Precision Strikes on Iran’s Nuclear Sites
US strikes Iran nuclear sites, Trump says
Pakistan to nominate Trump for Nobel Peace Prize.
BBC Demands Perplexity AI Immediately Stop Using Its Content
Telegram Founder: I Will Leave My Fortune to Over 100 of My Children
Political Turmoil Resurfaces in Belgium Amid Economic Concerns
Fed policymakers divided on timing of interest rate cuts
Trump signals imminent agreement with Harvard University
Inheritance tax referendum alarms Swiss billionaire community
Japan cancels bilateral security meeting amid US defence demands
AI skeptic Emily Bender warns that ‘the emperor has no clothes’
Israel Confirms Assassination of Quds Force Commander in Tehran
16 Billion Login Credentials Leaked in Unprecedented Cybersecurity Breach
Senate hearing on who was 'really running' Biden White House kicks off
Iranian Military Officers Reportedly Seek Contact with Reza Pahlavi, Signal Intent to Defect
FBI and Senate Investigate Allegations of Chinese Plot to Influence the 2020 Election in Biden’s Favor Using Fake U.S. Driver’s Licenses
Vietnam Emerges as Luxury Yacht Destination for Ultra‑Rich
Plans to Sell Dutch Embassy in Bangkok Face Local Opposition
China's Iranian Oil Imports Face Disruption Amid Escalating Middle East Tensions
Trump's $5 Million 'Trump Card' Visa Program Draws Nearly 70,000 Applicants
DGCA Finds No Major Safety Concerns in Air India's Boeing 787 Fleet
Airlines Reroute Flights Amid Expanding Middle East Conflict Zones
Elon Musk's xAI Seeks $9.3 Billion in Funding Amid AI Expansion
Trump Demands Iran's Unconditional Surrender Amid Escalating Conflict
Israeli Airstrike Targets Iranian State TV in Central Tehran
President Trump is leaving the G7 summit early and has ordered the National Security Council to the Situation Room
Taiwan Imposes Export Ban on Chips to Huawei and SMIC
Israel has just announced plans to strike Tehran again, and in response, Trump has urged people to evacuate
Netanyahu Signals Potential Regime Change in Iran
Juncker Criticizes EU Inaction on Trump Tariffs
EU Proposes Ban on New Russian Gas Contracts
×