British Virgin Islands collaborates with Lifelabs.io to develop a cryptocurrency system in case of emergency

The British Virgin Islands, an overseas territory in the Caribbean, recently collaborated with Lifelabs , a Blockchain company to implement a cryptocurrency- based payment system to speed up payment processes between residents in case of emergency.

Cryptocurrency used for emergencies

Being exposed to the bad weather of the Caribbean zone, the British Virgin Islands are looking for a faster and dematerialized way to carry out transactions in case of humanitarian emergency.

By collaborating with Lifelabs.io, the British overseas territory will gain access to a crypto payment system that promises a reliable transfer of funds in times of crisis.

The local government would set up the Lifelabs Blockchain (Paas) service according to the press release.

It will allow you to perform dematerialized transactions, accelerated with reduced fees up to 50%.

In addition, residents will be able to access services via the LifeWallet app from smartphones, supporting ETH, BTC, and other EfC20 type tokens from Lifelabs.

Protecting the population and the economy

The Blockchain is perceived as the best platform to meet the financial needs of countries isolated or exposed to political crises and natural disasters.

It should be noted that crypto payments have been solicited by international organizations such as the United Nations to channel donations, like the ETH network that helped meet the needs of Syrian refugees in 2017.

Today, the government of the British Virgin Islands sees it as a revolutionary and, above all, salvific technology at critical moments.

Andrew Fahie, the local prime minister, says the Blockchain comes at a pivotal moment for our people and our economy, while the memory of recent natural disasters still lingers in our memories.

What do you think of this adoption of Blockchain and cryptocurrency by the Virgin Islands? Comment in the comments section.