The government of Vanuatu has announced its support for the Satoshi Island Community Project, a private crypto island that is not open to fiat.
It is not everyday that the leader of a country endorses a cryptocurrency project. President Nayib Bukele of orange-hued El Salvador was the first leader to promote Bitcoin (BTC).
Now, Vanuatu’s Prime Minister, the Honourable Bob Loughman, has formally approved Satoshi Island.
Satoshi Island is a massive crypto utopia in the South Pacific that recently 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 endorsement is excellent news for the Satoshi Island team:
“With this full endorsement from the prime minister of Vanuatu in hand, we can show everyone that Satoshi Island is as real as it gets, and the kind words of the PM inviting our community to their home could not be a warmer welcome.”
The official letter reads that “Vanuatu’s government warmly welcomes the Satoshi Island project and its community to our country,” while emphasizing that “Vanuatu is exploring new avenues for attracting investment and people to our country.”
The COVID-19 pandemic “severely impacted the tourism sector,” which accounts for 34.7 percent of Vanuatu’s overall GDP in 2019. According to World Bank estimates, visitors to the paradise-like archipelago located 2,000 kilometres (1,243 miles) south of Brisbane would decline from approximately 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, however, 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 homes in a community controlled by decentralized autonomous organizations, 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 others to “keep ideas within the team on a need-to-know basis until everything is in place to transform the idea into a reality.”
The team advises others to “be extremely cautious in their place selection and to guarantee that it is logistically, environmentally, and legally feasible,” as well as to
“Be very selective with the location and ensure […] most importantly, owning the land before you release your project is an essential step to showing your target market that what you are promoting is real and not just a pipe dream.”
With the prime minister of Vanuatu’s approval, the Satoshi Island crypto “pipe dream” is nearing reality.
Disclaimer: These are the writer’s opinions and should not be considered investment advice. Readers should do their own research.