The government of Vanuatu has announced its support for the Satoshi Island Community Project, a private crypto island that does not accept conventional currency.
It’s not every day that the president of a country backs a cryptocurrency initiative. President of orange-pilled El Salvador, Nayib Bukele, was the first to promote Bitcoin (BTC).
The Honourable Bob Loughman, the Prime Minister of Vanuatu, has now formally approved Satoshi Island.
Satoshi Island is a crypto utopia megaproject in the South Pacific that has revealed its goal, progress, and readiness. Following the announcement that 50,000 citizenship nonfungible token (NFT) applications had been received, Vanuatu’s prime minister has given his support to “seeing the growth of Satoshi Island unfold.”
The government of Vanuatu “welcomes the Satoshi Island project and its community to our nation,” according to the official letter, which also notes that “Vanuatu is seeking for innovative methods to attract investment and people to our country.”
The COVID-19 epidemic “severely impacted” the tourist sector, which contributed 34.7 percent of total GDP in Vanuatu in 2019. According to World Bank data, tourist numbers to the idyllic archipelago 2,000 kilometers (1,243 miles) south of Brisbane fell from over 300,000 in 2010 to around 80,000 in 2020.
Satoshi Island’s developers earlier told that one of the problems they hoped to solve with their project was a “lack [of] tourism.” Fundamentally, Satoshi Island provides the “crypto sector with a physical home.”
Satoshi Island is a place where cryptocurrency aficionados want to live, not just visit. Members of the community will live in sustainable dwellings in a community run by decentralized autonomous organizations, or DAOs, with NFTs representing ownership.
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Many previous crypto megaprojects have failed, from Akon City in Senegal to CryptoLand in Fiji. “Keep ideas on a need-to-know basis inside the team until everything is in place to transform the concept become a reality,” Satoshi Island’s staff tells others.
The Satoshi Island crypto “pipe dream” is becoming closer to reality, thanks to the permission of Vanuatu’s prime minister.