The leader of the country does not support a cryptocurrency project every day. Neb Bukele, President of El Salvador with orange beans, was the first leader to support Bitcoin (BTC).

Now the Prime Minister of Vanuatu, the Honorable Bob Logman, has officially given the green light to Satoshi.

An endorsement from the Vanuatu government that Satoshi Island was happy to share with Cointelegraph. Source: SI
Satoshi Island is a South Pacific mega-project crypto-utopia that recently revealed its vision, progress and preparations to Cointelegraph. The Prime Minister of Vanuatu has given his blessing to “see the development of Satoshi Island unfold” following the news that they have received 50,000 Non-Fungible Citizenship (NFT) applications.

For the Satoshi Island team, the approval is welcome news:

“With the full support of the Prime Minister of Vanuatu, we can show everyone that Satoshi Island is as real as it gets and the warm words of the Prime Minister who called our community home cannot be warmly received.”

Satoshi Island from above. Source: SI
The official letter states that “Vanuatu Overnight Residence welcomes the project and the Satoshi Island community to our country” while emphasizing that “Vanuatu is looking for new ways to attract investment and people to our country.”

The COVID-19 pandemic, which “has severely affected the tourism sector, the backbone of Vanuatu’s economy, accounted for 34.7% of GDP in 2019. According to the World Bank, the paradise archipelago has a length of 2000 km (or 1243 miles). visitors. ) from Brisbane from about 300,000 to 80,000 in 2020.

The team at Satoshi Island previously told Cointelegraph that one of the pain points they wanted to address with their project was “the lack of [tourism].” However, “the cryptocurrency industry finally has a physical home” on Satoshi Island.

Satoshi Island is a place where crypto enthusiasts plan to stay rather than visit. Community members will live in sustainably built homes in a community organized by Decentralized Autonomous Organizations or DAOs where ownership is represented by NFTs.

Artistic rendering of a sustainable home on Satoshi Island. Source: SI
Many of the latest crypto mega projects, from Akon City in Senegal to CryptoLand in Fiji, have failed. The team from the Satoshi Islands advises others to “hold ideas based on group communication until everything is ready to bring the idea to life.”

RELATED: Satoshi’s Crypto Utopia Gets 50k NFT Apps

The team recommends that others be “very selective in choosing a location and making sure it’s [possible] from a logistical, environmental and legal point of view”, as well as

“Be very selective in your choice of location and make sure […] that most importantly, owning the land prior to launching your project is an important step in demonstrating to your target market that what you are promoting is real and not just a dream.”

Source: CoinTelegraph