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Vanuatu Prime Minister, Bob Loughman, has announced the government has approved the Satoshi Island Community project. Transactions on the Island will be based strictly on cryptocurrency as there will be no room for any conventional currency or fiat money.
This will be the second time a government has strongly supported the use of cryptocurrencies after El Salvador President, Nayib Bukele, promoted the adoption of Bitcoin (BTC) as a legal tender in the country.
The preparation, progress, and vision of the South Pacific mega project has already been unveiled, and it seems to have strong support from a majority of the population in Vanuatu.
The Project Has Received Over 50,000 Citizenship Applications
The project has already received 50,000 citizenship nonfungible token (NFT) applications before the prime minister gave his approval. Loughman says he wants to “watch the development of Satoshi Island unfold.”
The Satoshi Island team is excited about the development, as it will see them put more effort to make sure the project becomes a reality.
The team highlighted that Vanuatu is always open to investments and is looking for new ways to attract these opportunities to the country. The establishment of the crypto project will open the doors to Vanuatu’s involvement in digital finance and technology.
Vanuatu Plans To Diversify Its Economy Into Digital Finance
Tourism is a mainstay in Vanuatu’s economy, and the Covid-19 pandemic crippled that sector to a great extent. It has also made Vanuatu to start rethinking its over-dependence on tourism.
According to World Bank data, visitors to the Island fell from 300,000 to 80,000 in 2020. This hit the economy badly, considering that tourism contributes more than 34.7% of Vanuatu’s GDP.
The Satoshi Island team confirmed that the major motivation for the project was the dwindling tourist sector in the past few years. As a result, the team is making a huge effort to create a “physical home” for the crypto industry.
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