El Salvador aside, a new bitcoin-centric destination has appeared on the map. Satoshi Island is a 32-million-square-foot private island resort located in the remote South Pacific. It is a place the crypto community can call home.
Satoshi Island has a puzzling exception: a combination of honeymoon vacation, Bond villain hideaway, and natural paradise: it’s 100% cryptocurrency.
The team, whose name was inspired by Bitcoin inventor Satoshi Nakamoto, added that the island intends to host events throughout the year. The island will host crypto projects and be a gathering place for crypto enthusiasts worldwide.
Later, the island could operate as a decentralized autonomous organization. They have purchased an island, obtained a building permit, and reached the milestone of 50,000 Visa Non-Fungible Token (NFT) applications to become permanent crypto residents.
However, creating a crypto utopia seems impeccable even for the ambitious crypto community.
Nonetheless, the founders have received 50,000 applications for free citizenship NFTs as a whitelist to participate in land NFT sales. The citizenship will allow holders to live on the island and reap many other benefits.
How Will The Life Be On Satoshi Island?
Each house will be an NFT or a Satoshi Island Land NFT that users can freely trade with. NFT holders can convert their digital rights into physical documents in Vanuatu’s official land registry for traditionalists.
Unlike famous failed projects like Fyre Festival or CryptoLand, Satoshi Island has a strategy to push significant milestones in an orderly fashion. The team scours the globe for locations, respects the legal process, and avoids paid marketing or influencer campaigns.
The vision for Satoshi Island began in the 2017 bull run. The concept started as an idea to provide the crypto community with a place to call home. Eventually, it took a few years to choose the actual island. Facts On, It took years to find the right island, put everything together, and open it up to the public.
The NFT market is imminent, and physical island developments are taking place. The island is scheduled for a private opening in the fourth quarter of this year for short-term visits. Thus, by early 2023, NFT homeowners will be able to start living on the island.
El Salvador Reduces Bitcoin Purchases And Delays Volcano Bond Issue
Reports show that El Salvador’s government is slowing down purchases of new bitcoin tokens. The administration of President Nayib Bukele has not reported any new cryptocurrency purchases since the last purchase in January this year.
This week, El Salvador’s government has announced they will not issue volcano bonds in March as planned. They have delayed the issuance of the 10-year bond until September in anticipation of better performance for Bitcoin, which has been in the red this year.
Finance Minister Alejandro Zelaya announced information on the postponement of the Volcano Bond issuance. Generally, when the government announces Bitcoin, President Nayib Bukele delivers the good news.
In an interview with a local TV station, Zelaya said the delay in issuing the Volcano bond was due to cryptocurrency volatility caused by the war in Ukraine and other factors affecting the crypto market.
The bitcoin-backed bond is designed to fund the construction of Bitcoin City and other infrastructure work in the Central American country.
Volcano’s $1 billion bonds should be issued this month. In February, Salvadoran lawmaker William Soriano said via his Twitter account that the bonus could be paid out in the second or third week of March.
When Bukele first announced the product in September, President Bukele said the bond had a 6.5% coupon and a five-year earnings forecast of 50%.
According to the statement, the government will use the $500 million in bitcoin bond proceeds to build Bitcoin City. They will use the remaining $500 million to buy more bitcoins.
Central Bank Hints Honduras Won’t Accept Bitcoin As Legal Tender
Today, the Central Bank of Honduras (CBH) reassured that the country has no intention of following in El Salvador’s footsteps, for the time being, eliminating the FOMO sparked by rumors that Bitcoin could launch fiat currency in the Latin American country.
According to the statement, the Central American country has generally maintained a neutral stance on Bitcoin and cryptocurrencies. It has no plans to change it for the time being. They stressed that many countries still do not adequately regulate or accept bitcoin as legal tender.
CBH stressed that many countries do not regulate cryptocurrencies. Therefore, issues or risks in Honduran transactions will fall on their shoulders.
Additionally, CBH made it clear that it is still investigating whether issuing a CBDC is a good idea due to the economic and geopolitical backdrop that is going on around the world, as many countries are doing, stressing that in a CBDC, there is control, money Issuance directly depends on the country.
As simple as President Nayib Bukele said when he announced Bitcoin fiat in El Salvador, the truth is that this is a complicated task given the volatility and lack of adoption that still exists around the world.
El Salvador, for example, has been under public scrutiny after buying large amounts of bitcoin over the past few months at much higher prices than it currently does.
El Salvador even had to delay the issuance of Vulcano bonds due to the geopolitical backdrop and the market downturn. The new issue date of the bonds should be between May and June. Bukele disputed that fact, arguing that the delay was for other reasons.
Bitcoin Of America Adds Dogecoin To Its Bitcoin ATMs
Bitcoin USA is a popular virtual currency exchange registered with the US Department of the Treasury (FinCEN) (RegNum) as a money services company. Besides ensuring fast and hassle-free transactions, they are also famous for their customer support. Bitcoin of America announces the latest addition to its Bitcoin ATM (BTM). Dogecoin is now available at US Bitcoin ATMs.
Bitcoin in the US added ethereum last October. They recognized the growing popularity of Dogecoin and decided to include it in their BTM. To date, US Bitcoin has more than 1,800 BTMs in 31 states. American Bitcoin also offers Bitcoin and Litecoin options online and at its BTM location. To find a BTM, you can go to their website and enter your address to find the closest one.
Bitcoin America has made several updates to its machines and services over the past year.
Last May, Bitcoin of America announced its new general-purpose kiosk. The new universal booth combines the functions of a traditional ATM and a Bitcoin ATM and provides three main functions. The first is standard ATM functionality, where customers can withdraw cash from their debit cards. The second feature is the ability to buy cryptocurrencies with cash.
Finally, customers can sell cryptocurrencies for cash.
Bitcoin America also offers escrow plans for shopkeepers interested in cryptocurrencies or who just want to earn extra income. American Bitcoin takes care of its hosting locations by providing passive income, increased foot traffic, and marketing. They even take care of customer support and all maintenance/installation services.
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