Satoshi Island, a small territory that is part of the Republic of Vanuatu, located east of Australia, has just won approval from government authorities to move forward with the project to turn the islet into a haven for bitcoiners.
In an official statement from the archipelago nation, Prime Minister Bob Loughman of Vanuato endorsed the approval that his Ministry of Finance first gave last year.
Watch our video & see how we're turning a dream into reality!
Yes, we already own the island
Yes, we can develop as advertised
Yes, the government supports our plan
Yes, our team has relevant expertise
— Satoshi Island (@satoshiisland) January 27, 2022
This was with the idea of developing a project designed to attract cryptocurrency enthusiasts and cryptoasset industry professionals from around the world.
The government support now enjoyed by Satoshi Island places this European land as a key competitor to El Salvador’s Bitcoin City. A smart city that will be financed with the launch of state bitcoin bonds, with which it aims to raise USD 1 billion.
And while the government of El Salvador delays the launch of the bitcoin bonds and waits for the international outlook to improve, Satoshi Island receives the letter of approval signed by Loughman, who describes the project as “an exciting prospect”.
The prime minister also states that his government is looking forward to the opportunities that this bitcoin-centric initiative will bring to local individuals and businesses. Just at a time when Vanuatu is looking for innovative solutions to help its economy gain momentum.
Satoshi Island is a private project that is on the lookout for cryptocurrency enthusiasts and representatives of companies in the industry with the promise of giving them a grant of a tract of land. On the site they will be able to build private homes or apartment complexes and choose to reside on them or lease them out to other prospective islanders.
The island’s economy will be based on bitcoin and other cryptocurrencies, marking distance from the dollar, while access to its territory will require an official Satoshi Island Citizenship non-fungible token (NFT). Although, a passport issued by the Vanuatu authorities will also be required to enter and leave the country, as established by its laws.
Fantasy Island or Satoshi Land
The island is named after the pseudonymous creator of Bitcoin, Satoshi Nakamoto, and is one of 83 that make up Vanuatu.
To skeptics, the project’s administrators respond on Twitter: “Yes, we own the island. Yes, we are going to develop it as advertised. Yes, the government supports our plan. Yes, our team has relevant experience.”
They accompany their message with a video in which their architect James Law offers a vision of what is to come for the development of the island. And on their website they show the modules that will be the smart buildings where the future residents of what aims to be the Bitcoin capital of the world will live and work.
The first inhabitants of the Island will start arriving in 2023 and whoever wishes to live in this paradisiacal place will have to possess one of the 21,000 NFT of official citizenship they will issue. “The first edition will be issued via airdrop to early supporters of the project. Additional collections of citizenship NFTs will be issued later “Satoshi Bitcoin , notes the team behind Isla Satoshi on its website.
In addition to the island’s citizenship NFT airdrop, which was scheduled to happen during the first quarter of the year, the project’s roadmap details a series of land parcels to be offered in phases and located in different sections of the island.
Landowners at NFT on Satoshi Island will be able to start purchasing modules and designing their homes and apartment complexes during the second half of this year. Prices for the modules will apparently be in the order of USD 60,000.
In a further sign that they are working in partnership with the government, the Satoshi Island team recently reported that, together with the Vanuatu Investment and Migration Office, they presented their project at the Metaverse World Conference in Dubai.
WARNING: This is an informational article. Geek Metaverse is a media outlet, it does not promote, endorse or recommend any particular investment. It is worth noting that cryptoasset investments are not regulated in some countries. They may not be appropriate for retail investors, as the full amount invested could be lost. Check your country’s laws before investing.