A group of tycoon “crypto-enthusiasts” are on a quest to create their own digital currency paradise, according to reports Monday.

The group recently became approved to create a crypto-influenced city on Satoshi Island, a private island located in-between Australia and Fiji. It is described as a “tropical paradise.” The island, which is currently under development, was named after “Satoshi Nakamoto,” the pseudonymous developer of bitcoin.

The crypto enthusiasts plan for it “to become home for crypto professionals and enthusiasts, with a goal to be considered the crypto capital of the world,” the Satoshi Island website said. “After years of preparation, a green light from the Vanuatu Prime Minister and Minister of Finance and all approvals in place, Satoshi Island is now ready to be developed into a real-world crypto economy and blockchain-based democracy.”

All purchases on the island will be cryptocurrency-based, and all assets and rights will be through NFT ownership. A promotional video says that it will be “created to be the first real-world crypto economy, running exclusively on cryptocurrency and blockchain technologies.”

The island’s luxurious homes will be "futuristic and modular" and surrounded with open windows, according to a 3D blueprint. The homes are under construction with plans for potential residents to start moving in by 2023. About 50,000 have already applied to live on Satoshi, The Sun reported.

The Satoshi website states that the island will not be considered a “resort,” but rather a functional place of residency. It is expected that the island will have around 21,000 permanent residents.