The prime minister of Vanuatu has shown his support for cryptocurrency with the recent approval of the Satoshi Island Community Project. The project hopes to build a private cryptocurrency operating island for crypto enthusiasts.
The Honourable Bob Loughman, the Prime Minister of Vanuatu, has now officially approved Satoshi Island.
About Satoshi Island
Satoshi Island is a crypto utopia megaproject in the South Pacific that recently revealed its vision, progress, and preparation. Following the announcement that 50,000 citizenship nonfungible token (NFT) applications had been received, Vanuatu’s prime minister has given his blessing to “watching the development of Satoshi Island unfold.”
The endorsement comes as welcome news to 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 government of Vanuatu “welcomes the Satoshi Island project and its community to our country,” according to the official letter, which also states that “Vanuatu is looking for new ways to attract investment and people to our country.”
The COVID-19 pandemic “severely impacted” the tourism sector, which contributed 34.7 percent of total GDP in Vanuatu in 2019.
According to World Bank data, visitor numbers to the idyllic archipelago 2,000 kilometres from Brisbane fell from around 300,000 in 2010 to 80,000 in 2020.
Satoshi Island’s team previously said that one of the problems they hoped to solve with their project was a “lack of tourism.” Fundamentally, Satoshi Island provides the “crypto industry with a physical home.”
Satoshi Island is a place where crypto enthusiasts can live — not just visit — in sustainably built homes in a community run by decentralized autonomous organizations, or DAOs, with ownership represented by non-fungible tokens (NFTs).
Many previous crypto megaprojects have failed, from Akon City in Senegal to CryptoLand in Fiji. Satoshi Island’s successful team plans to “keep ideas on a need-to-know basis within the team until everything is in place to turn the idea into a reality.”
The team recommends that other planners “be very selective with the location and ensure it [is]logistically, environmentally and legally possible,” the continue suggesting 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.”
The Satoshi Island crypto “pipe dream” is becoming closer to reality, thanks to the permission of Vanuatu’s prime minister.
