Bitcoin Island: A Crypto Paradise off the Coast of Vanuatu
For the past decade, retired real estate developer Anthony Welch and his partner Theresa have called a 300-acre island home. The couple plans to convert an island called Lataro into Satoshi Island. It’s 90% virgin rainforest, but it will be “a sustainable smart city.” It will have multi-story blocks of flats and offices.
“We’re trying to build a community,” Welch told The Guardian over a satellite link from the island. The little paradise currently has no electricity, water, telephone or internet connection. “We are not trying to grow and make a profit. He said he was approached by new partners who saw their island listed for sale on a private island property site. Welch then took the island off the market and got down to business.” they worked with the couple and developed the plan further.
The crypto paradise they want to build is a great idea. It’s a great use of a place that we’ve been able to live in for 12 years,” Welch said. “The team had been employed on finding a location for some time. The main problem was finding a government that would… allow a crypto transaction society to exist. Most countries in the world want to levy taxes. So, they don’t want crypto transactions because they can’t monitor what’s happening. Vanuatu has no income tax.
Bitcoin Island Investors
The trio pledged to 21,000 investors that the Bitcoin island “will become home to cryptocurrency professionals and enthusiasts. However, Welch plans to mark something of a reversal. A previous attempt to sell the island for $12 million in 2017 described Lataro as an ecological paradise. “It is covered in dense tropical forests and a wonderful variety of flora and fauna.”
The Welch family went so far as to ask the local government of Vanuatu to declare the island a nature reserve. This should prevent the “extinction” of the rare coconut crab.
The Satoshi Island project is the latest plan to attract crypto owners to the region. The President plans to launch the world’s first government-backed national stablecoin by the end of this year.