Satoshi Island: 50,000 people want to join the island of cryptocurrency lovers
Cryptocurrency enthusiasts will soon be able to discover paradise. Former British real estate investor Anthony Welch is attempting to establish an unregulated crypto utopia in the Pacific Ocean. This article explains the prospects of the crypto island.
Anthony Welch, a British cryptocurrency investor, purchased 300 hectares of Lataro Island and titled it Satoshi. He plans to build a smart city for digital activists there. According to the Guardian, Anthony Welch has been living there with his spouse Teresa for the past 12 years. They now anticipate that over 21 thousand cryptocurrency investors from all over the world will join them soon. The island is part of the Vanuatu archipelago, which is located between Australia and Fiji. The new city’s public debut is scheduled for the first quarter of 2023, according to the site plan.
The Satoshi Island initiative
Since 2017, the developers’ team has been working on the project of the crypto hub. Anthony Welch is working with Hong Kong architect James Lowe, Australian crypto-entrepreneur Denis Troiak, and Daniel Agius, chief operating officer of the Vanuatu Investment and Migration Bureau. All together they vow to attract 21,000 investors and make the island home to crypto enthusiasts and become the world’s crypto capital.
On Satoshi Island, modular dwellings will be created for living and working. Moreover, construction will attract green technology so one of the guiding principles of the future community will be the exclusive usage of renewable energy. That’s why the project includes solar panels all over the island. As you know, the crypto community all over the world aims for a more ecological way of cryptocurrency mining.
How does it work?
The program is intended for 21 thousand of citizens and calls for the establishment of a new cryptocurrency based on the island state’s legal cryptocurrency. Individuals who applied to settle here will compete for the chance to get an NFT, which denotes Satoshi Island citizenship. Furthermore, crypto investors must get Vanuatu citizenship, which costs $130,000 and gives them visa-free travel to 129 countries, including the United Kingdom and all Schengen countries in Europe.
For now, the island plans to conduct crypto events all year, host and promote crypto projects, and serve as a hub for crypto enthusiasts from across the world. The island would function as a decentralized autonomous organization (DAO) in the future. To date, Anthony Welch and his team have purchased the island, got building permissions, and received 50,000 applications for NFT crypto residence. However, both the Vanuatu government and the local community support the island’s development goals.
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