The government of Vanuatu has announced its support for the Satoshi Island Community Project, a private crypto island that is not open to money.
It is not every day that the head of a nation promotes a cryptocurrency initiative. President Nayib Bukele of orange-hued El Salvador was the first politician to promote Bitcoin (BTC). Now, Vanuatu’s Prime Minister, the Honourable Bob Loughman, has formally approved Satoshi Island.
Satoshi Island is a massive crypto paradise in the South Pacific that just revealed its goal, progress, and preparations to Cointelegraph. Following word that they have received 50,000 nonfungible token (NFT) citizenship applications, Vanuatu’s prime minister has given his support to “seeing the growth of Satoshi Island unfold.”
The sponsorship is excellent news for the Satoshi Island team: “With this unequivocal support from Vanuatu’s prime minister, we can demonstrate to the world that Satoshi Island is as genuine as it gets, and the PM’s lovely remarks welcoming our people to their country could not be a more heartfelt welcome.”
The official letter reads that “Vanuatu’s government warmly welcomes the Satoshi Island project and its community to our nation,” while emphasising that “Vanuatu is exploring new avenues for attracting investment and people to our country.”
The COVID-19 epidemic “severely impacted the tourist industry,” which accounts for 34.7 percent of Vanuatu’s overall GDP in 2019. According to World Bank estimates, visitors to the paradise-like island located 2,000 kilometres (1,243 miles) south of Brisbane would decline from about 300,000 to 80,000 in 2020.
Satoshi Island’s founders earlier informed Cointelegraph that one of the project’s major concerns was a “lack [of] tourism.” Fundamentally, though, Satoshi Island provides the “crypto sector with a physical home.”
Satoshi Island is a destination for crypto aficionados, not a place to visit. Members of the community will live in sustainably constructed houses in a community controlled by decentralised autonomous organisations, or DAOs, with ownership represented by non-fungible tokens, or NFTs.
Numerous previous crypto megaprojects have failed, ranging from Akon City in Senegal to CryptoLand in Fiji. The team at Satoshi Island recommends people to “keep ideas inside the team on a need-to-know basis until everything is in place to transform the concept into a reality.”
The team advises others to “be very cautious in their place selection and to guarantee that it is logistically, ecologically, and legally feasible,” as well as to
“Be very picky in your site selection and ensure […] most crucially, owning the property prior to releasing your idea is a critical step in demonstrating to your target market that what you are marketing is genuine and not a pipe dream.” With the consent of Vanuatu’s prime minister, the Satoshi Island crypto “pipe dream” is becoming closer to reality.
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