Cryptocurrency enthusiasts will be able to live together in harmony on Satoshi Island, that’s designed to be a ‘crypto paradise.’
A cryptocurrency island is being constructed in the south pacific off the coast of Australia and Papua New Guinea.
The island is being marketed as a paradise for cryptocurrency users. All payments will be made in cryptocurrencies, and citizenship, land ownership, and more come in the form of Non-Fungible Tokens (NFT). Satoshi Island is located in Vanuatu, between Australia, Papua New Guinea, Fiji,and New Caledonia in the south pacific coast. It is a 32 million-square-foot island that aims to be “a real-world crypto economy and blockchain-based democracy,” according to its website.
So far, more than 50,000 people have applied for citizenship and residency on the island, with citizenship to Satoshi Island costing $130,000. The website for the project explains that the idea has been in development for years and has recently been green-lit by the Vanuatu Ministry of Finance. Construction on the futuristic modular homes has already begun, and residents can expect to begin living there sometime in 2023.
