Ocean Builders has scrapped plans to turn a former Carnival Corp cruiseship into a floating crypto-currency community permanently anchored off Panama.

It has instead sold the 70,300-gt cruiseship Satoshi (built 1991) for recycling in India, according to a blog post from chief operating officer Chad Elwartowski on Saturday.

Ocean Builders bought the ship as Pacific Dawn through subsidiary Viva Vivas in October, and subsequently sent it for a refit in Gibraltar. It was due to welcome its first residents next month.