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British Virgin Islands Announces BVI~LIFE™ Digital Currency

Government, LIFElabs.io to develop BVI~LIFE, a digital currency for the betterment of the Territory

TORTOLA, British Virgin Islands–(BUSINESS WIRE)–As part of an on-going initiative to grow the Financial Technology sector, the British Virgin Islands is hosting its BVI Digital Economy symposium on December 3rd. The event will connect over 100 stakeholders across private and public sectors such as Price Waterhouse Coopers in the archipelago’s transition to a digital leader. As part of the event, BVI partner LIFElabs.io will present details of the planned digital currency rollout. Key details are as follows:

  • National Currency: Since 1959, BVI has relied on the United States Dollar as its national currency for business and consumption. In partnership with LIFElabs.io, the government is looking to implement a central digital currency powered by LIFEtoken pegged 1:1 against the United States Dollar for use within the territory. It is expected that this transition will reduce transactional fees, increase transaction speed, and be accessible to BVIslanders and tourists alike.
  • Rapid Cash Response: Additionally, LIFElabs is developing a Rapid Cash Response™ (RCR) fund to offer aid in the event of a national emergency. In September 2017, Hurricane Irma thrashed through the BVI, causing $3 billion in damages, with untold emotional trauma to BVIslanders and their families. Due to infrastructure damage, people were unable to access their cash to buy everyday essentials. 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.
  • Platform-as-a-Service: LIFElabs’ Platform-as-a-Service (PaaS) model, which connects blockchain solutions such as merchant services, peer-to-peer transactions, and cross-border payments, is available to all businesses in all sectors as a turn-key solution.

A major focus of the one-day symposium is to raise awareness and work with BVI thought-leaders. Premier Andrew Fahie stated: “The importance of blockchain technology and the significant benefits it offers the BVI are paramount to the Territory. We welcome this innovation with open arms. 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.”

This partnership puts us in a unique position to make a massive impact in a place that really stands to benefit. 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,” explained Sanjay Jadhav, LIFElabs.io CEO.

LIFElabs was conceived with an emphasis on philanthropy, and our work with the British Virgin Islands exemplifies this perfectly. With the Rapid Cash Response fund, we’re creating necessary tools for the government to defend against disaster and protect its citizens from the aftermath,” added LIFElabs CMO David Pugh-Jones.

About LIFElabs.io: Founded in 2017, LIFElabs is a blockchain ecosystem with a unique focus on aiding and empowering charities and humanitarian efforts across the globe. In 2018, LIFElabs successfully aided 30 charities taking on innovative projects in pursuit of the charities’ diverse goals and missions. LIFElabs’ products consist of the LIFEtoken, BVI~LIFE, LIFEcard, LIFEwallet, LIFEBaaS (Blockchain-as-a-Service), and the LIFEPaaS tool for philanthropic groups looking to incorporate blockchain technology.

BVI~LIFE is a trademark of LIFElabs Global LTD.

Link to original partnership announcement in April: http://www.bvi.gov.vg/media-centre/bvi-and-lifelabsio-enters-first-its-kind-partnership-provide-blockchain-based-financial

Contacts

Candice Stokes

[email protected]
www.venturepr.co
424-230-3770

Business Wire , 2019-12-03 14:07:16 ,

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NewsBlock © 2019 - 2020. All rights reserved.


While Bitcoin’s price seemingly moves without rhyme or reason — collapsing by dozens of percent and embarking on face-melting rallies on a whim — the cryptocurrency market is filled to the brim with fractals.

Related Reading: Analyst: Bitcoin Price Likely to Fall to Low-$8,000s as Chart Remains Weak

A brief aside: A fractal, in the context of technical analysis and financial markets anyway, is when an asset’s price action is seen during a different time. This form of analysis isn’t that popular, but it has proven to be somewhat valuable in analyzing Bitcoin.

One recent fractal popularized by a well-known cryptocurrency trader is implying that BTC is going to return to the low-$7,000s in the coming days.

Bitcoin Fractal Implies Retracement to Low-$7,000s

A well-known crypto trader going by “Tyler Durden” on Twitter recently posted the chart below, which shows that a Bitcoin price fractal may be playing out. The fractal has four phases: horizontal consolidation marked by one fakeout, a surge above the consolidation phase, a distribution, then a strong drop to fresh lows.

If the fractal plays out in full, BTC could reach the low-$7,000s again, potentially as low as $7,100. This would represent a 20-odd percent collapse from the current price point of $8,800.

It isn’t only a fractal that is hinting Bitcoin has the potential to visit its lows. As we reported on Saturday, Bloomberg believes that if the GTI Vera Convergence Divergence Indicator flips red, a downtrend could push the cryptocurrency back to $7,300.

Related Reading: Stephen Colbert Pokes Fun at Bitcoin in Monologue: Mainstream Gone Wrong?

Can Bulls Step In?

But again, many believe it is irrational to have such bearish interpretations of the cryptocurrency’s chart at the moment. As reported by NewsBTC earlier, Popular crypto trader Mayne recently noted that the “people waiting for $6,000” are irrational. He quipped that Bitcoin retracing and consolidating after its fourth-biggest bull move in history ($7,300 to $10,500, a 42% gain) is perfectly par for the course, but noted that it’s totally possible we can go lower from $8,800.

The medium-term technicals support this.

Trader and CoinTelegraph contributor FilbFilb found that by the end of November or start of December, the 50-week and 100-week moving averages will see a “golden cross,” which he claims is far more significant” for the Bitcoin market that other technical crosses.

Also, a Bitcoin price model created using Facebook Prophet machine learning found that the leading cryptocurrency is likely to end the year at just over $12,000. What’s notable about this model is that it called the price drop to $8,000 months in advance, and forecasted a ~$7,500 price bottom for BTC.

To put a cherry on the cryptocurrency cake, Crypto Thies observed that when Bitcoin bottomed at $7,300, it bounced decisively off the 0.618 Fibonacci Retracement of the move from $3,000 to $14,000, which correlates with the two-week volume-weighted moving average. He added that summer 2019’s consolidation was marked by Bitcoin flipping major resistances into support levels, implying that a bullish reversal and subsequent continuation is likely possible in the coming weeks.

Featured Image from Shutterstock


Nick Chong , 2019-11-10 12:00:38

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