The British Virgin Islands Reveal Blockchain Emergency Plan

The British Virgin Islands Reveal Blockchain Emergency Plan

The British Virgin Islands will be working with a blockchain company to strengthen its emergency situation protocols with a crypto wallet.

In case of emergency, residents of the island, who would otherwise have no access to funds, will be able to make transactions via a wallet provided by blockchain company Lifelabs. The wallet will have emergency funds deposited into it in case of a natural disaster, such as hurricane Irma which devastated the Island back in 2017.

The Minister of Finance for the British Virgin Islands, Andrew A. Fahie, explained, “It is of utmost importance that our citizens receive immediate and proportional response in the midst of emergencies. LIFElabs’ innovative financial technology comes at a pivotal time for our people and our economy, while the memory of recent natural disasters remains fresh in our minds and hearts, and the pressure for increased economic efficiency keeps mounting.”

Residents will be able to download their LifeWallet app on to their phones and then, if disaster strikes, they will be able to make transactions either peer-to-peer or for daily commerce and purchasing essential goods and services from local businesses when normal banking services are made impossible. While those who do not have a smartphone on the islands will also be able to use LIFE to make transactions via SMS.

“LIFElabs.io pioneering blockchain technology is a major advancement over traditional banking, where ‘bricks and mortar’ locations can be damaged or destroyed, and thereby preventing access to much-needed funds during an emergency or humanitarian crisis.” Fahie continued.

Recently Similar News

cex-promotion exmo-promotion

Latest Guides

Latest News

CoinEx,Investment,Margin Trading,Promotion

CoinEx Offer 30-Day Interest-Free Borrow Of First Margin Trade

After the reveal of three separate promotions this time last week, CoinEX are back again with a brand-new promotion that allows users to borrow their first trade free of charge for 30 days. Now in its second month of existence, CoinEx’s margin trading service has been quite a hit amongst users and with new updates […]

17 August, 2019
Exchange Platforms,Exmo,Investment,Listings

Exmo Announce Details of ROOBEE Listing

In 10 days, Exmo will be offering the latest token on their platform for trading, ROOBEE. In anticipation of this, they have released important details for traders who are looking to take advantage of the new listing early on. What is most unique about this latest listing is that it will coincide with the listing […]

17 August, 2019

Coinbase Becomes World’s Largest Crypto Custodian

Following the acquisition of Xapo, a bitcoin wallet and cold storage location, Coinbase Custody is now the world’s largest crypto custodian. After the completion of the deal, Coinbase Custody officially surpassed $7 billion in assets, which saw them reach the highest volume of assets in the business. Officially making them the most popular choice for […]

16 August, 2019
Bitcoin,Exmo,Updates,Withdrawals

Exmo Have Reduced Their BTC Withdrawal Limit By 5x

EXMO has made new changes to the minimum withdrawals of bitcoin from their platform. The platform informed users on Tuesday, 13th August, that the limit would come into immediate effect. With the new limit for withdrawals being set at 0.002 BTC, which sees a decrease by 5 times. Users have been told to consider this […]

15 August, 2019
De Fi,Decentralised,Exchange Platforms,Trading

Ethfinex To Rebrand as De-Fi

Ethfinex has announced that it is set to close down its existing operations in order to rebrand itself under the title, De-fi. The news was announced via a blog post where it described the plan as its “biggest milestone yet.” The aim of the rebrand is to move towards a more decentralised exchange platform. Feeling […]

15 August, 2019
CoinEx,Exchange Platforms,Options Trading,Updates

A Quick-Look at CoinEX’s New Options Trading Service

Monday saw the launch of CoinEx’s new options trading service. We took a look at what it promises users of the service. Following the launch of their accelerator programs, futures trading and margin trading on their platform, CoinEx latest new options trading service is the latest in the line of new products from the platform. But, […]

14 August, 2019
CEX,Listings,Tokens

CEX.io Announces Listing of Two Ontology Project Tokens

CEX.io have confirmed that new tokens will be available for trading on their platform, ONT and ONG, both of which are part of the Ontology Project, a public blockchain protocol with high performance. While part of the same project, the two coins are unique in their purpose and function. ONG operates as a utility token […]

14 August, 2019
Exchange Platforms,KuCoin,Listings,Tokens

KuCoin Reveal New Listing, Enecuum (ENQ)

KuCoin has released news of their second new listing in a week, Enecuum. Following the listing of the security firm Fortnoxer’s token last week, KuCoin has followed it up directly with the release of Enecuum for trading on their platform. While Enecum may have had a lower profile than its predecessor, following a private sale […]

13 August, 2019