Vanuatu government approved crypto island project

The authorities have already received 50 000 applications for citizenship in the form of NFT

28.03.2022 - 14:40

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2 min

What’s new? The government of Vanuatu has announced support for the Satoshi Island Community Project, which will create a crypto island. Vanuatu’s Prime Minister Bob Loughman has given “a green light” to develop the initiative. The authorities have already received 50 000 applications for the crypto island’s citizenship in the form of NFT.

Source: Twitter.com

What is known about the project? Satoshi Island is an island for crypto enthusiasts to live on. It will be created in the South Pacific, where traditional currencies will be replaced by digital assets. Self-regulation issues will be managed by decentralized autonomous organizations. The creation and development of the island is being handled by the Satoshi Island team led by Denys Troyak, James Law, Taras Filatov, and Benjamin Nero

What had happened before? On November 22, El Salvador's President Nayib Bukele announced the creation of the world's first Bitcoin City. The new metropolis will be built next to a volcano and its energy will be used for cryptocurrency mining. The government will issue $1 billion worth of bitcoin bonds in partnership with Blockstream and Bitfinex to raise funds to build the city.

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