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Cryptocurrency Regains its Reputation in Paradise

Can a renowned tourist hub in Bali become a bitcoin wonderland?

The luxurious Hotel Santika, now accepting bitcoin / Photo courtesy of santika.com

Ever since Mt. Gox, once the world’s largest bitcoin exchange, filed for bankruptcy earlier this year, it’s been hard to take big cryptocurrency projects seriously. Once heralded as an independent, universal, and secure utopian currency, many now see bitcoin as one more site of human error, greed, and duplicity. So when two bitcoin entrepreneurs from Indonesia, Oscar Darmawan and William Sutanto, floated a plan this spring to convert an entire island to bitcoin compatibility, even crypto enthusiasts were skeptical. But as they reveal more of their business plan, and the project continues to gain momentum, it seems like they just might have found a recipe for success. They’re calling their venture BitIslands, and tapping the renowned tourist hub of Bali as their, hopefully, first cryptocurrency paradise.

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