Vanuatu Prime Minister says yes to Satoshi Island crypto project

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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. 

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

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:

“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.”

Satoshi Island 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 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. 

Artist’s ren­der­ing of the Satoshi Island sus­tain­able build homes. Source: SI

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

Relat­ed: ‘Satoshi Island’ cryp­to utopia receives 50K cit­i­zen­ship NFT applications

The team rec­om­mends to “be very selec­tive with the loca­tion and ensure it logis­ti­cal­ly, envi­ron­men­tal­ly and legal­ly pos­si­ble,” the con­tin­ue sug­gest­ing to:

“Be very selec­tive with the loca­tion and ensure it is and 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.”

With the Prime Min­is­ter of Van­u­atu’s approval, the Satoshi Island cryp­to “pipe dream” is near­ing reality. 

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