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 El Salvador, was the first leader to endorse bitcoin (Bitcoin).

Now the Prime Minister of Vanuatu, the Honorable Bob Loughman, has officially given the green light to the island of Satoshi.

The approval of the Vanuatu government, which Satoshi Island was happy to share with Cointelegraph. Source: SI

Satoshi Island is the South Pacific crypto-utopia mega-project recently disclosed to Cointelegraph Vision, progress and preparation. Shortly after the news that they had received 50,000 NFT applications for citizenship, the Prime Minister of Vanuatu gave his blessing to “observe the development of the island of Satoshi”.

For the Satoshi Island team, the confirmation is welcome news:

“With this full approval of 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 Prime Minister inviting our community into his home could not be a warmer welcome be.”

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Island of Satoshi from above. Source: SI

The official letter states that “the government of Vanuatu welcomes the Satoshi Island project and its community to our country,” while emphasizing that “Vanuatu is exploring new ways to attract investment and people to our country.”

The Covid-19 pandemic “has hit the tourism sector badly,” a mainstay of Vanuatu’s economy. contribute 34.7% of total GDP in 2019. After According to World Bank data, visitor numbers to the paradise archipelago 2,000km from Brisbane fell from around 300,000 to 80,000 in 2020.

The Satoshi Island team previously told Cointelegraph that the “lack [in] Tourism” was one of the pain points they wanted to alleviate with their project. Basically, the “crypto industry finally has a physical home” on Satoshi Island.

Satoshi Island is a place where crypto enthusiasts can reside — not visit — and live in sustainably built homes in a community organized by DAOs, where ownership is represented by NFTs.

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Artist’s impression of the sustainable houses on Satoshi Island. Source: SI

Many of the past crypto mega projects, from Akon City in Senegal to CryptoLand in Fiji, have failed. The successful Satoshi Island team recommends “keeping ideas within the team on a need-to-know basis until everything is in place to turn the idea into reality”.

Related: ‘Satoshi Island crypto utopia receives 50,000 NFT applications for citizenship

The team recommends being “very selective about location and making sure it’s logistically, environmentally and legally possible,” and further suggests:

“Be very selective with the location and make sure it is, and most importantly, owning the land before posting your project is an essential step in showing your target market that what you are promoting is is real and not just a pipe dream.”

With the approval of the Prime Minister of Vanuatu, Satoshi Island crypto “pipe dream” is getting closer to reality.