British crypto investor Anthony Welch has bought Lataro Island, spanning 300 hectares, and renamed it Satoshi. He plans to build a smart city there for supporters of digital assets, The Guardian reports.
According to the publication, over the past 12 years Welch has lived on the island with his partner Teresa. They expect that soon 21,000 cryptocurrency investors from around the world will join them.
“Yes, we already own the island. Yes, we can develop as advertised. Yes, the government supports our plan. Yes, our team has relevant expertise”, — the project description says.
Watch our video & see how we’re turning a dream into reality!
Yes, we already own the island
Yes, we can develop as advertised
Yes, the government supports our plan
Yes, our team has relevant expertise🏝️#satoshiisland a home for crypto enthusiasts & professionals worldwide! pic.twitter.com/1O05kmfrN1
— Satoshi Island (@satoshiisland) January 27, 2022
Satoshi Island lies in the archipelago of Vanuatu between Australia and Fiji. According to the plan on the site, its public opening is scheduled for the first quarter of 2023.
The team said it would liaise with financial and land regulators of Vanuatu. The authors of the project expect to operate “in conditions of a degree of autonomy”. The republic has no taxes on profits, dividends, income or capital gains.
The team intends to turn the private island of Satoshi into the “cryptocurrency capital of the world”. For this they plan to build offices and multi-storey residential buildings there.
In early January, registration opened for obtaining the citizenship of Satoshi Island in the form of NFT. According to The Guardian, residents will also have to obtain residency in Vanuatu for an investment of $130 000.
Citizenship NFT Applications are open!
Apply here: https://t.co/S5UVQUKxWu
The first 1000 verified applications are automatically granted citizenship. Subsequent applications will go into a draw. Good luck!
Learn more: https://t.co/TApRc2Ndle#satoshiisland #NFT #airdrop pic.twitter.com/27ITKal7t3
— Satoshi Island (@satoshiisland) January 8, 2022
On the site, commitment to sustainable development and plans to offset the carbon footprint are stated. The island team intends to generate 100% of the needed energy on-site using renewables.
Nevertheless, Twitter users criticized the idea for its lack of environmental sustainability.
“We need to know that nature will be respected, or this project will be a disgrace to the world of crypto”, — Carles Cortés Costa.
We need to know that nature will be respected or this project will be a disgrace for the world of crypto
— Carles Cortés Costa (@carles6) February 12, 2022
French-American actor Sebastian Roche joined the criticism. He called “the destruction of a tiny, pristine island ecosystem” a bad idea.
“Soon it will be uninhabitable. It would be funny if it weren’t so sad. Greed is terrible,” wrote Roche.
Imagine thinking that destroying a tiny, pristine island’s ecosystem by bringing 21000 people is a good idea. It would soon be unlivable. This is laughable if it wasn’t so sad. Greed is appalling.
— Sebastian Roché (@sebroche) February 12, 2022
According to the publication, Welch previously tried to sell the island for $12 million and even approached the local government with a request to declare it a wildlife sanctuary to protect the rare coconut crabs from extinction.
In comments to The Guardian, the owner described the previous plans as strictly a voluntary initiative that did not hinder the construction of the smart city.
One user compared the idea to the infamous Fyre Festival, which was marketed as a large-scale music event on the island, but later turned out to be a major fraud.
Serious #fyrefestival vibes here https://t.co/WUwnY3fY6X
— General Melchett 🌷 (@MelchettsBeard) December 18, 2021
Earlier in February, the bitcoin nomad family told of moving to Portugal due to favourable taxation.
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