Joining hands with Blockchain firm Lifelabs.io British Virgin Islands will soon launch a crypto payment system for its residents. This system will work over the whole network of islands. The primary aim of the collab is to empower quick provision of funds and other important services during an emergency situation. The report of this teaming up comes from a press release from the government itself.

The government of BVI will make use of Platform as a Service (PaaS) which will save time with faster transactions. Also, adding icing on the cake, it will reduce the transaction fees up to 50%. The proposed payments system will support all the notable digital money such as Ether (ETH), Bitcoin (BTC) and ERC20 tokens. LifeWallet will be the native app which will support all these cryptocurrencies.

As per Andrew Fahie, Minister of Finance Govt of BVI, this collaboration is the result of the hurricane Irma that affected the island in 2017. Having a real-time payments system will ensure the timely availability of funds during such calamities. At the same time, it will also encourage an efficient economic strength for the region. This is not the first or newest instance where a government body wants to implement blockchain for public welfare. Earlier in 2017, United nations provided help for Syrian refugees via Ethereum network. Launching of this crypto payment system is a good indication that the government is taking interest in blockchain and wants to implement it on its projects for people welfare.