The Satoshi Island project dates back to 2017. This island in the Vanuatu archipelago was to become a hotspot for digital currencies. But that was slow to materialize.
The project has just received the official support of the Prime Minister of Vanuatu in March 2022. The attention of many cryptocurrency enthusiasts is turned to this emblematic place which could bring upheavals in the cryptosphere.
Satoshi Island: what is it?
Satoshi Island is set to be the future cryptocurrency capital of the world. It is actually an island in the Vanuatu archipelago, located in the Pacific. It was named in honor of Satoshi Nakamoto, creator of Bitcoin.
On Satoshi Island, payment for all purchases and services is made through digital currencies . For their part, the land will be sold in the form of NFT. However, it will be possible to register the property in the Land Registry of Vanuatu by following very specific procedures.
50,000 interested cryptocurrency enthusiasts
The number of applications for obtaining Satoshi Island Citizenship would have reached 50,000 on March 23, 2022. Note that this is the NFT certifying that an individual is officially a citizen of the future capital of crypto currencies.
It should be noted, however, that the number of inhabitants on the island has been limited to 21,000 . As a result, more than half of the requests will probably be refused. Who will be the “happy chosen ones”? »
Official endorsement by the Prime Minister of Vanuatu: a big step towards the realization of the project
The Prime Minister of Vanuatu officially presents his support for the Satoshi Island project. The letter expressing its endorsement was posted on the Satoshi Island Twitter account on March 25, 2022. Thus, 3,000 km² of land on one of the islands of the archipelago will be made available to this community.
Future residents will be able to build infrastructure, work and organize events related to cryptocurrency. However, they must respect the biodiversity already present and not harm the environment.
Moreover, possession of the title deed does not automatically imply obtaining citizenship. Indeed, the inhabitants of Satoshi Island will have to pay $130,000 if they wish to become official citizens of Vanuatu.
Land available from 2023
The first citizens of the utopian-looking Satoshi Island will be able to settle in 2023. In the meantime, they will be allowed to make short-term visits to the island from the second half of 2022. It should also be noted that it is currently composed of vast virgin forests.
It will then be necessary to build infrastructures and properties while respecting biodiversity to make it habitable. The outcome of this project which seems to be a dream should boost the economy of Vanuatu. This could also promote job creation in the short, medium and long term. And above all, it is quite possible that it will serve as an example for other initiatives of the same type