Vanuatu Prime Minister says yes to Satoshi Island crypto project
It’s not every day that a country’s leader endorses a cryptocurrency project. Nayib Bukele, the President of orange-pilled El Salvador, was the first leader to endorse Bitcoin (BTC).
Now, the Prime Minister of Vanuatu, the Honourable Bob Loughman, has officially given the green light to Satoshi Island.
Satoshi Island is the megaproject crypto utopia in the South Pacific, which recently disclosed to Cointelegraph the vision, progress and preparation. Hot on the heels of news that they received 50,000 citizenship NFT applications, the PM of Vanuatu has given his blessing to “watching the development of Satoshi Island unfold.”
For the team at Satoshi Island, the endorsement is welcome news:
The official letter states that “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 pandemic “severely affected the tourism sector,” a mainstay of the Vanuatu economy, contributing 34.7% to total GDP in 2019. According to World Bank data, visitor numbers to the paradise archipelago 2,000 km Brisbane dropped from circa 300,000 to 80,000 in 2020.
The team at Satoshi Island had previously told Cointelegraph that the “lack [in] tourism” was one of the pain points they wished to alleviate with their project. Fundamentally, however, the “crypto industry finally has a physical home” in Satoshi Island.
Satoshi Island is a space for crypto enthusiasts to reside–not visit–living in sustainable build homes in a community organized by DAOs, where ownership is represented by NFTs.
Many of the past crypto megaprojects, from Akon City in Senegal to CryptoLand in Fiji, have failed. Satoshi
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