What was Lataro Island is now called Satoshi Island - Satoshi being a word that has become synonymous with the digital currency world.
The island's owners want what they call 'a crypto-city' on the island, where all transactions will be in digital currency.
Head of operations, Denys Troyak, said the 800 acre island could house up to 10,000 people, living in modular housing.
"We are looking at 2100 plots of land. Every plot of land can sustain a grand house for a family of four. So maximum population, you are looking at say, 5000 to 10,000 people," he said.
Troyak said anyone who buys one of their NFTs, or non fungible tokens, which they call the 'Citizenship NFTs' would qualify for membership and access to the island.
He said it is about catering for people who want to live a 'crypto lifestyle.'
Troyak said, presently, there is no one particular place for people dedicated to this industry, where they can go and be surrounded by like minded believers in crypto-currency.
And he said with crypto currencies not accepted into the maintstream survival requires people to sell their digital currency, convert it to fiat so they can buy food and pay the rent.
"So what we are trying to create here is a place where people can go and live a true, 100 percent, crypto-lifestyle, where all purchases are going to be in crypto-currencies and everything else is going to be around digital ownership, NFTs and blockchain technology."
Troyak said the benefits for Vanuatu would be significant, starting with employment.
"So there is a lot of interest for them based on the opportunities we would provide through jobs. They are not going to get paid in crypto, unless they choose to, of course," Troyak said.
"But also we are building this, and as it grows and demand for it grows, we are also very excited to invest in local infrastructure such as hospitals, schools and everything else."
The Satoshi development has received the endorsement of the Vanuatu Prime Minister, Bob Loughman.