In favor of citizens living in the area, The British Virgin Islands cooperated with blockchain company Lifelabs.io, in order to develop a crypto-based payments system. The creation of this system was accounted during a BVI gov. press release.
This cooperation is mainly concentrated on the usage of digital infrastructures for supporting the dependable and quick money transfer and access to money in case of disasters.
The British Virgin Islands authorities are planning to apply the blockchain company’s PaaS that allegedly can cut transaction costs by more than 50% and at the same be more time efficient.
Moreover, this implementation will be able to support LifeWallet, an app that supports Bitcoin, Ethereum, ERC20-compliant tokens and the company’s native tokens, life.
The British Virgin Islands government and Lifelabs emphasize that implementation of a Blockchain payments system will guarantee that citizen have access to their funds during hard times.
After a natural disaster in 2017, the territory suffered significant losses of over $3 bln, which was 3X higher than its estimated GDP. Thus, a crypto charity, Life Rapid Response Cash Fund, was created with the purpose to encourage effectiveness and transparency during donations, providing that those in need will receive it.
As noted earlier, blockchain possesses ability to promote further honest donations and this was acknowledged by organizations like the UN that utilized ETH to provide help to refugees from Syria in 2017.
