British Virgin Islands, create crypto payments system for emergency aid

Friday 26 April 2019 10:00 CET | News

The British Virgin Islands has partnered with blockchain company to launch an alternative crypto-enabled payments infrastructure.

This infrastructure is meant for residents across its network of islands. The partnership focuses on using a crypto infrastructure to support the reliable and swift transfer of aid, and access to funds in emergency scenarios. Lifelabs and the BVI consider that implementing a blockchain payments infrastructure — which supports P2P and local commercial transactions — will ensure that residents can continue to access essential goods and services in the event of a humanitarian crisis.

The BVI government will implement Lifelabs’ blockchain Platform as a Service (PaaS), which reportedly reduces transaction fees by over 50%. It also plans to provide significant time savings as compared with Automated Clearing House (ACH) electronic payments. The implementation will support residents’ use of the smartphone-based LifeWallet app, which supports Ether (ETH), Bitcoin (BTC), ERC20-compliant tokens, and Lifelabs’ native token, life.

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Keywords: British Virgin Islands, blockchain, partnership, cryptocurrency, payments , UK,, ether, Bitcoin, ERC20, Token, electronic payments, transactions
Countries: World

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