•  The cryptocurrency is to be pegged one-to-one to U.S. dollar
  •  Territory has become a haven with crypto favorable laws

British Virgin Islands, home to cryptocurrency companies such as Tether and Bitfinex, is planning to release its own national cryptocurrency.

The British Overseas Territory, which consists of more than 50 Caribbean islands, has relied on the U.S. dollar since 1959. But it’s planning to create a token pegged one-to-one to the greenback for use within its territory. In creating its own coin, it’s following countries such as the Marshall Islands.

Earlier this year, the territory’s local government partnered with startup Lifelabs.io on the digital currency rollout. There are about 35,000 residents in the islands.