“Satoshi Island” is being made as a “crypto utopia” as part of the Republic of Vanuatu, an island country in the South Pacific Ocean.
“Satoshi Island is a 32 million square foot private island in Vanuatu’s tropical paradise, nestled between Australia and Fiji.” Satoshi Island Holdings Limited owns the island, which is meant to become a home for crypto experts and fans, with the objective of becoming the world’s crypto capital. Satoshi Island is now all set to be made into a real-world crypto economy and blockchain-based democracy after years of planning, a green light from Vanuatu’s Prime Minister and Minister of Finance, and all approvals in place.”
According to the report, the 32-million-square-foot private island dubbed “Satoshi Island” will serve as a “home for the crypto community.” The island is located in the remote South Pacific and will only accept crypto assets as payment.
Denys Troyak, James Law, Taras Filatov, and Benjamin Nero, members of the Satoshi Island team, says that the island will symbolise a “genuine crypto-economy,” with everything paid for in cryptocurrency. Satoshi Island will use NFT for all types of ownership as well.
The island will hold events all year, as well as serve as a headquarters for crypto initiatives and a gathering point for crypto fans, according to the team. The team behind the initiative stated that the island could be utilised to “function as a decentralised independent organisation” in the future.