In Vanuatu, a crypto-centric island called Satoshi Island is reportedly being developed. The ambition of the leaders of the project is to make it the world capital of cryptocurrency.
It is a utopian project that is (out of) proportion to the vision of the future that the crypto community wants to sell to us. An island in the Vanuatu archipelago, east of Australia, could become the “cryptocurrency capital of the world”. Currently being developed, it could accommodate 21,000 people in residence, 50,000 people having already volunteered.
According to the media specializing in cryptoassets, the place is called Satoshi Island in tribute to the creator of bitcoin, Satoshi Nakamoto. The team behind the project added that “the island intends to host events throughout the year, serve as accommodation and headquarters for crypto projects, as well as be a gathering place for crypto enthusiasts of the whole world”. Obviously, no physical currency would be used on the island. Everything would be payable in cryptocurrencies and land titles would be exchanged in NFT format.
Quite nebulous, the project would also require spending more than just this original NFT. Indeed, it would be mandatory to acquire Vanuatu citizenship for $130,000 and to afford a home there. For this, the founders of the project are betting on modular housing units designed by architect James Law, which can be positioned as the owner wishes, but can also be combined. These modules described as environmentally friendly and powered by solar energy would be built off the island and shipped ready for assembly to Vanuatu.
Watch our video & see how we’re turning a dream into reality!
Yes, we already own the island
Yes, we can develop as advertised
Yes, the government supports our plan
Yes, our team has relevant expertise????️#satoshiisland a home for crypto enthusiasts & professionals worldwide! pic.twitter.com/1O05kmfrN1
— Satoshi Island (@satoshiisland) January 27, 2022
The company in charge of the project, including an architect and various investors, says that the construction of the island has received the green light from the Prime Minister of Vanuatu and its Minister of Finance. She also posted on social media what appears to be a letter of approval. For the moment, the island is far from being habitable: roads, electricity, shops, etc., are missing. Modular construction is expected to begin in the third quarter of 2022, and Satoshi Island Holdings estimates that the public opening will take place in the first quarter of 2023.
Is the Satoshi Island project realistic? For the time being, no one has been able to go there to assess the feasibility. Other adventurous past projects around cryptocurrencies urge us to be cautious. This is the case of the Akon City project, led by the American rapper Akon in Senegal, which is slow to emerge from the ground and is now compared to a Ponzi scheme. Another example is that of CryptoLand, which was to set up on an island in Fiji and now seems totally abandoned.