Sun, surf and Bitcoin: The new crypto capital on our doorstep
Dubbed Satoshi Island, named after the mysterious creator of Bitcoin, this private island off the coast of Vanuatu is set to become a haven for crypto enthusiasts.
Satoshi Island is a 3-million-square-metre tropical paradise, tucked between Australia and Fiji.
dedicated to the project said the island, owned by Satoshi Island Holdings Limited, was intended to become home for crypto professionals and enthusiasts, with a goal to “be considered the crypto capital of the world”.
Also read: You can now buy real gold and store it in your crypto wallet
Also read: How crypto is taxed in Australia: All you need to know
Also read: Crypto world's latest craze and the Sydney studio behind it
“After years of preparation, a green light from the Vanuatu Prime Minister and Minister of Finance and all approvals in place, Satoshi Island is now ready to be developed into a real-world crypto economy and blockchain-based democracy,” it said.
Structures on the island will be modular, with head architect James Law saying it will be the future of building.
“Modular development is the future of city building. Instead of decades, they will be completed within a few short years,” he said.
The modules are designed to be smart and sustainable, and can be combined into hundreds of different positions.
To join as a member of the island you will need to purchase a Satoshi non-fungible token (NFT).
“As Satoshi Island is a real place and what holders do with their NFTs affect the future of the island, owning a Satoshi Island NFT requires a level of responsibility not usually associated with NFT ownership,” the website stated.
“With this in mind, Satoshi Island NFTs come with additional security features to help keep them in the right hands in the event of unforeseen circumstances.”
You will also need to purchase an NFT to own land and gain citizenship on the island.
The project is aiming to have the modules available for purchase in the second quarter of this year.
Follow Yahoo Finance on Facebook, LinkedIn, Instagram and Twitter, and subscribe to the free Fully Briefed daily newsletter.