A cryptocurrency project is stirring controversy in Vanuatu, with a proposal to use blockchain technology to sell access to land on an island off the coast of Santo.
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.
“He is going to sell the land using cryptocurrency, who authorised that? The question here is, is it legal for such to happen in Vanuatu?” he said.
Mr Troyak said they are not selling the land itself, but rather exclusive rights to the land under a licencing agreement issued by a company registered in the Marshall Islands.
Photo ABC Radio Australia