Itโs not every day that a countryโs leader endorses a cryptocurrency project. Nayib Bukele, the President of orange-pilled El Salvador, was the first leader to endorse Bitcoin (BTC).ย
Now, the Prime Minister of Vanuatu, the Honourable Bob Loughman, has officially given the green light to Satoshi Island.
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 โwatching the development of Satoshi Island unfold.โ
For the team at Satoshi Island, the endorsement is welcome news:
โWith 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.โ
The official letter states that โthe Government of Vanuatu welcomes the Satoshi Island project and its community to our country,โ while highlighting that โVanuatu is looking for new ways to attract investment and people to our country.โ
The Covid-19 pandemic โseverely affected the tourism sector,โ 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 โlack [in] tourismโ was one of the pain points they wished to alleviate with their project. Fundamentally, however, the โcrypto industry finally has a physical homeโ in Satoshi Island.
Satoshi Island is a space for crypto enthusiasts to resideโnot visitโliving in sustainable build homes in a community organized by DAOs, where ownership is represented by NFTs.
Many of the past crypto megaprojects, from Akon City in Senegal to CryptoLand in Fiji, have failed. Satoshi Islandโs successful team recommends to โkeep ideas on a need-to-know basis within the team until everything is in place to turn the idea into a reality.โ
Related:ย โSatoshi Islandโ crypto utopia receives 50K citizenship NFT applications
The team recommends to “be very selective with the location and ensure itย logistically, environmentally and legally possible,” the continue suggesting to:
โBe 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.โ
With the Prime Minister of Vanuatu’s approval, the Satoshi Island crypto “pipe dream” is nearing reality.
