The government of Vanuatu announced for supporting the project of Community of Satoshi Islam, the island of private cryptocurrency where fiat is not welcomed.
It is very rare that the leader of the country to endorse a crypto project. Orange pill El Salvador President NayibBukele was the first of the leaders endorsing BTC.
Now Bob Loughman the prime minister of Vanuatu has also given the green signal officially to Satoshi Island.
Satoshi Island which is a megaproject of cryptocurrency utopia of the South Pacific had lately revealed its insight, development, and readiness to news media. Followed by the news Satoshi has received 50,000 applications for citizenship of non-fungible token (NFT), and the Vanuatu prime minister has given his approval after watching the Satoshi Island development process.
The endorsement is a piece of welcoming news for the Satoshi Island team which stated after that, with the full approval from the Vanuatu prime minister, we would be able to prove to everyone that the Satoshi Island is the real thing, and the kind statement of the prime minister and the invitation to our community to their country is the warmest welcome.
The official state letter said that the Vanuatu government welcomes the project of Satoshi Island to the country and highlighted that the Vanuatu government is looking forward to new possible ways of investment and attracting people to their country.
The tourism sector which is the main source of Vanuatu’s economy has been badly affected by the COVID-19 pandemic, which contributed 34.7% to the country’s GDP in 2019. Data from World Bank has revealed that the number of visitors to the archipelago which is at a 2000 km distance from Brisbane has been reduced from around 300,000 to 80,000 in the year 2020.
The news media was informed earlier by the Satoshi Island team that the lack of tourists was one of the challenging issues they would like to support with its project. Although, the cryptocurrency industry, at last, has its physical home in the form of Satoshi Island. It is a space where crypto members can reside and not just visit. The ownership of the homes built in the Satoshi Island community is represented by NFTs, and decentralized autonomous organizations (DAOs) are organizing them.