Many are well aware that there are so-called tax havens in the world that have an extremely attractive financial system for businessmen, and The British Virgin Islands is one such place. The specifics of this financial system itself allows you to operate with large amounts of money without hindrance, therefore it is not at all surprising that almost half of all existing offshore companies are registered on these Islands. Indeed, this approach encourages many companies to register in the British Virgin Islands and pay taxes in accordance with local requirements. In addition to the fact that the taxation system on the Islands is very loyal, its currency is the US dollar, which is undoubtedly very beneficial for a substantial part of the global business.
It is probably these factors that influenced the fact that the UK government decided to partner with lifelabs.io, known for its developments in the fields of information technology in general and blockchain in particular. So, it is assumed that cooperation has as its goal the development of innovative methods of processing financial transactions using blockchain technology, as well as the creation of a new cryptocurrency.
Premier and Minister of Finance, Andrew A. Fahie, made the following statement about the upcoming partnership: he said that cooperation was very valuable not only for the financial spectrum of the Virgin Islands, but also for security purposes. He also emphasized that blockchain technology is how innovative, so indispensable in various fields of activity, and expressed hope that with its help it will even be possible to resolve the issue of natural disaster management in the region. In other words, blockchain technology can not only support the development of the information spectrum of The British Virgin Islands, but also their economy.
Another positive suggestion was made by Sanjay Jadhav, The CEO of LifeLabs, who commented on the upcoming alliance, suggesting that the new technology will improve the safety and quality standards required for the efficient operation of The British Virgin Islands payment systems. He expressed confidence that the effective use of blockchain technology will reduce the cost of financial transactions, and in addition, significantly reduce the processing time, which will undoubtedly benefit all interested parties.
According to open sources of information, The British Virgin Islands really need a blockchain-like technology that can realize and maintain the security of not only financial transactions, but also the overall wealth of the Islands.