It is a 3,000 km2 paradise island located in the Vanuatu archipelago, in the South Pacific, without rules or laws, which will be reserved for cryptocurrency enthusiasts. This is the Satoshi Island project, Cointelegraph reported on March 23, a media specialist in cryptocurrencies. The peculiarity of this island: 100% of the transactions will be made in virtual currency. Its name is even inspired by Satoshi Nakamoto, the mysterious creator of Bitcoin. At the origin of this ambitious project, four investors: Denys Troyak, James Law, Taras Filatov and Benjamin Nero. They want to make the island of Satoshi “the cryptocurrency capital of the world”.
The team “intends to host events there throughout the year, host cryptocurrency-related projects, as well as be a home for anyone interested.” They want Satoshi Island to be “a meeting place for cryptocurrency enthusiasts from all over the world”. They have already obtained the approval of the authorities to carry out their project there, have obtained building permits and claim to have received more than 50,000 applications to become permanent residents.. Each home will be assigned via an ownership deed in NFT, blockchain-based digital ownership certificates. NFT holders will be able to “transform their digital rights into physical documents on the official Vanuatu land registry”, further specify the founders of the project.
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The founders want to be reassuring
The idea of this utopian island came to them in 2017. It took them several years to find the ideal place as they needed a place far enough away to have privacy but close enough so that its development wasn’t too complicated. . Second selection criterion: the island had to be protected from natural disasters. It was then necessary to deal with a government “open to the idea of having a crypto city”. Eventually, Vanuatu, in the South Pacific ticked all the boxes.
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While this type of project can quickly be described as unrealistic, the initiators tried to be reassuring. On Twitter, for example, they claimed to have received the agreement from the Prime Minister of Vanuatu. “The government showed a willingness to innovate and was immediately open to discussions.” Their project is accompanied by numerous job creation but also by tourism and biodiversity conservation programs. On the other hand, potential future residents will not be able to live there before 2023. As Le Figaro indicates on Tuesday 29 March, to reside there, it will also be necessary to obtain the Vanuatu nationality, which can be purchased for around 115,000 euros. And there is currently no infrastructure.