British Virgin Islands to launch its own central bank digital currency

According to Cryptoglobe, on December 3, the British Virgin Islands government announced that it will cooperate with blockchain startup LIFELabs to create BVI ~ LIFE, a stable currency used in British overseas territories. Although the BVI has been using the U.S. dollar as its national currency since 1959, what the government wants to do now is to implement the Central Bank Digital Currency (CBDC) “powered by destined tokens” with the help of LIFElabs, and 1: 1 with the US dollar hook up. It hopes that "this shift will reduce transaction costs and increase transaction speed."