It is not every day that the leader of a country endorses a cryptocurrency project. Nayib Bukele, the president of El Salvador, was the first leader to endorse Bitcoin (BTC).
Now, the Prime Minister of Vanuatu, the Honorable Bob Loughman, has officially given the green light to Satoshi Island.
Satoshi Island, or Isla Satoshi in Spanish, is the crypto utopia megaproject in the South Pacific that recently revealed to Cointelegraph its vision, progress and preparation. Hot on the heels of the news that they received 50,000 applications for citizenship non-fungible tokens (NFTs), the Prime Minister of Vanuatu has given his blessing to “see the Satoshi Island development unfold.”
For the Satoshi Island team, the endorsement is good news:
“With this full endorsement from the Vanuatu Prime Minister in hand, we can show everyone that Satoshi Island is as real as it gets, and the Prime Minister’s kind words in inviting our community into his home could not be a warmer welcome. ”.
The official letter states that “the government of Vanuatu welcomes the Satoshi Island project and its community to our country”, while stressing 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, which contributed 34.7% to the total GDP in 2019. According to World Bank data, the number of visitors to the paradise archipelago of 2,000 kilometers (or 1,243 miles) from Brisbane dropped from around 300,000 to 80,000 in 2020.
The Satoshi Island team had previously told Cointelegraph that the “missing [de] tourism” was one of the weak points they wanted to alleviate with their project. Crucially, though, the “cryptocurrency industry finally has a physical home” on Satoshi Island.
Satoshi Island is a space where crypto enthusiasts plan to reside, not visit. Community members will live in sustainably built homes in a community organized by decentralized autonomous organizations, or DAOs, where ownership is represented by NFTs.
Many of the previous crypto megaprojects, from Akon City in Senegal to CryptoLand in Fiji, have failed. The Satoshi Island team advise others 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 others “be very selective about placement and make sure that [es] logistically, environmentally and legally possible”, as well as
“Be very selective with the location and make sure […] More importantly, owning the land before you launch your project is an essential step in showing your target market that what you’re promoting is real and not just a pipe dream.”
With the approval of the Prime Minister of Vanuatu, the crypto “pipe dream” of Satoshi Island is getting closer to reality.
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