Vanuatu Government Approves Satoshi Island Crypto Project

The government of Vanuatu has announced its approval for the Satoshi Island Community Project, a private crypto island that does not accept conventional currency.
Vanuatu Government Approves Satoshi Island Crypto Project
Satoshi Island Crypto Project

It’s not every day that the government of a country backs a cryptocurrency project. 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 officially approved Satoshi Island.

Satoshi Island is a crypto utopia megaproject in the South Pacific that has revealed its goal, progress 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 endorsement comes as excellent 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.”

According to the official letter, “the government of Vanuatu welcomes the Satoshi Island project and its community to our country,” while highlighting that “Vanuatu is looking for new ways to attract investment and people to our country.”

The COVID-19 epidemic “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 kilometers from Brisbane fell from around 300,000 in 2010 to 80,000 in 2020.

According to Satoshi Island’s developers, one of the problems they hoped to solve with their project was a “lack [of] tourism.” Fundamentally, Satoshi Island provides the “crypto industry finally has a physical home.”

Satoshi Island is a place where crypto fans can live — not just visit — in environmentally 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. “Keep ideas on a need-to-know basis inside the team until everything is in place to make the idea into a reality,” Satoshi Island’s successful team planned.

Other planners should “be very picky with the location and guarantee it [is]logistically, ecologically, and legally possible,” according to the team, which also suggests:

“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.