New Floating Island City to Adopt Cryptocurrency as Legal Tender

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A Silicon Valley backed environmental startup has said cryptocurrency would be the legal tender for its proposed new floating island city project.

The project according to CNBC, is a pilot program in partnership with the government of French Polynesia, which will see 300 homes built on a self-governing island using a cryptocurrency called Varyon. The island which is expected to be completed by 2022 at a cost of up to $50 million will come complete with offices, restaurants and its own power generation system.

The floating island project is the brain child of the Randy Hencken, a Belarusian-born entrepreneur and founder of Blue Frontiers which sells tokens of the cryptocurrency Varyon. He is also the director of the Seasteading Institute, a nonprofit think-tank working to make floating cities a reality.

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In a recent chat with CNBC, Nathalie Mezza-Garcia, a spokesperson of the Seasteading Institute said the project is a welcome development for people in favor of living on the ocean, off the grid and away from the controlling influence of governments.

Mezza-Garcia said under the Floating Island project, the role of governments would be limited to the provision of essential services and little else.

“If you don’t want to live under a particular government, people will be able to just take their house and float away to another island.

“This means there is stability, outside of fluctuating geopolitical influences, trade issues and currency fluctuations — it’s the perfect incubator,” she said.

Mezza-Garcia a political scientist turned ‘Seavangelist’ pointed out that it was significant that the Polynesian Islands had been chosen for the pilot project as the coral rich region is currently threatened by rapidly rising sea levels due to global warming.

She also envisions hundreds of similar island countries in the coming years.

“Once we can see how this first island works, we will have a proof of concept to plan for islands to house climate refugees,” she said.

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