Cryptocurrency

The Satoshi Island project has invited people to buy so-called "Land NFTs", that would grant them access to the island and the ability to build houses there.

Sydney businessman Dennis Troyak said it was “an amazing opportunity” while recently drumming up support for the project on social media.

The project promises to bring fame and fortune to Vanuatu, but critics are skeptical the project can get off the ground.

Joel Simo, a former member of Vanuatu’s Land Council, questioned the legality of the project.

But the remaining members have insisted it’s full steam ahead.

The 21 founding companies in the Libra Association - down from 28 when the project was first announced - met for the first time in Geneva on Monday.

A spokesman told the BBC he believed the currency was still on track to launch next year.

But, he added, it would only do so if suitable regulatory approval had been granted.

It comes after a stern warning from the G7 group of nations that Libra risked disrupting the global financial order.

The country is developing the legal tender currency Sovereign (SOV) to serve alongside the US dollar there.

Last week, the government unveiled the SOV development fund, which will hold 30 percent of the currency's initial supply.

David Paul, the Minister-in-Assistance to the President, said the fund would be independent.