A collection of philanthropists, academics and investors, working in partnership with the French Polynesian government, have begun The Floating Island Project. This a pilot program, which will see 300 homes built on an island, and operating under its own governance with its own cryptocurrency called Varyon. It is expected to be completed by 2022 and will cost up to $50 million.
Providing that the pilot program proves to be a success, more islands could be planned to help cater for climate refugees. These islands would also serve as business centres that are able to function outside of government influence. However, by allowing businesses to operate in this way, will they inadvertently become hubs for corruption and tax evasion?