It’s not the first time the idea of a cryptocurrency city has been floated. For example, in November 2021, the government of El Salvador announced plans to create a so-called Bitcoin city. It is planned to be located in the department of La Unión, with the country’s president Nayib Buquele announcing the eco-friendly nature of the city, which will be powered by volcanoes. Read more about this in a separate article.

Where you can pay with cryptocurrencies

Cointelegraph reporters have already obtained a copy of the document, which has become the official government permission for Vanuatu to develop the island project. Here, for example, is a quote from this document, signed by Loughman.

The proposal to develop a modern smart city in Vanuatu is a great opportunity and we are pleased to welcome the positive change this project will bring to people and local businesses. As a developing nation, Vanuatu is looking for new ways to attract investment and people to our country.

Letter from the Prime Minister of Vanuatu

A team of cryptocurrency enthusiasts, led by Denis Troiak, James Lowe, Taras Filatov and Benjamin Nero, will develop the island. According to them, crypto-island citizenship has already been granted in the form of NFT to fifty thousand aspirants.

With the Prime Minister of Vanuatu’s full endorsement in hand, we can show everyone that Satoshi Island is a reality, and the kind words of the Prime Minister inviting our community into his home could not have been a warmer welcome.

Design of the island

According to their vision, Satoshi Island is a space in which the crypto-enthusiasts plan to set up permanent residences. Community members will live in newly built homes, and the decentralised autonomous organisations (DAOs) will be responsible for organising the island’s self-regulation issues.

The design of the island house

It is worth noting that many past such “cryptocommunity” megaprojects have failed. Notable examples are the so-called Akon City in Senegal and CryptoLand in Fiji. Will Satoshi Island be able to change this trend? If so, the crypto industry is in for a major breakthrough in terms of acceptance by the global community.

Digital asset initiatives are coming to fruition even at the level of major international companies: notably, South Korean tech giant LG Electronics recently announced the addition of blockchain and cryptocurrencies to its business areas. During its annual general meeting, LG’s management outlined new goals for its strategies. They are “blockchain-based software development and sales” and “cryptocurrency sales and brokerage”.

This suggests that the company may be looking into building its own platform for digital assets. Admittedly, the following quote from an LG spokesperson doesn’t sound optimistic about this yet.

Nothing has been decided yet. We just mentioned new areas of business.

LG Electronics

Rumours of LG creating a cryptocurrency platform emerged earlier this year, when the CEO of cryptocurrency exchange Bithumb, Heo Baek Young, confirmed that the exchange was working with a “large company” to create a platform for trading unique tokens.

In general, LG is already heavily involved in NFT integration, having announced earlier this month a partnership with blockchain company Kakao’s Ground X to present a line of smart TVs fully supporting unique tokens. LG also announced a partnership with an online auction site called Seoul Auction Blue for further NFT-based artwork projects.


We believe that sooner or later the idea of a cryptocurrency-enabled territory will still come to fruition. In addition, Bitcoin is now the official means of payment in El Salvador, which means there will be nothing supernatural about it. The main thing is that the politicians have the will to launch such a project.

SUBSCRIBE TO OUR CHANNEL ON TELEGRAM. THERE’S MORE INTERESTING NEWS HERE.