Malta might be the blockchain island, but we once very nearly had a crypto island too. Unfortunately, due to rising political tension in French Polynesia and the ongoing bearish market, it has forced Blue Frontiers to sink its plans for a floating crypto island. The company had planned to build a floating island – all funded by cryptocurrency – and its economy would solely comprise of crypto. While it would have been the first island to solely accept cryptos, it sounds like it was pretty much doomed from the beginning.
Ethereum Price Crash to Blame
The firm behind the project raised over $600,000 in Ethereum, but due to the ongoing bear market, that sum of money is now worth considerably less. When the project was conceived at the height of the crypto boom in 2017, Blue Frontiers has just expected the crypto markets to carry on growing. However, the developers hadn’t expected the bear market to be so protracted, so plans were initially just shelved. Unfortunately, for all those people who wanted to live on or visit the crypto island, it’s now officially dead in the water. It’s going to hang on to the tokens it raised in hopes of a price recovery, and it has said that it will consider the project once again if the price is right.
Malta is Still the Only Blockchain Island – For Now
Malta can sigh a breath of relief once more, as it remains the only blockchain island for the time being. That being said, Australia looks like it’s stepping up the competition for the prestigious title. Australia has an incredible number of live use cases for blockchain technology – a significant amount more than Malta does in fact. While it has yet to lay down any blockchain or crypto laws, Australia seems to be progressing nicely without cumbersome laws and regulations blocking its path.
Ambitious Digital Gold Project Told “No”
It’s never good when one arm of the government is trying to make its own cryptocurrency without the approval of the central government. In the UK, the Royal Mint decided to try and create its own digital gold cryptocurrency, but after a key partner pulled out, the project began to flounder and the central government shut it down. Royal Mint Gold (RMG) could have opened up a trillion-dollar asset class and been a complete game changer, but it appears as if the British government has other things on its mind for the time being rather than changing the face of an industry.
A floating crypto island would have been pretty awesome, but it’s probably for the best that the project has been shut down. Disturbing marine life for a novelty island is morally wrong, and no doubt would have brought environmentalists out in their droves criticizing the project. Better luck next time floating crypto island, as in this instance it simply wasn’t meant to be.