Liberland that is founded by the economist and politician Vit Jedlicka has announced its plan to launch own token within months. This virtual country runs on crypto donations of BTC, BCH, and ETH that has already received about half a million applications for citizenship.
Free Republic of Liberland: A nation that runs on Cryptocurrency
The former Czech Republic economist turned politician Vit Jedlicka has built a virtual nation that runs completely on cryptocurrency donation in the form of Bitcoin, Bitcoin Cash, and Ethereum. Liberland is further planning to launch their very own token within months. This virtual state has gained so much popularity that about half a million people have already applied for its citizenship, out of which 5,500 are from the UK.
The nation is located on a sandbank that stretches about 10 km south of the Hungarian border and 7 km to the Danube River that falls between Croatia and Serbia. According to Vit Jedlicka:
“The situation on the mainland in Liberland is still difficult as Croatian police illegally persecute all visitors and settlers. We are waiting for exoneration from the Croatian constitutional court but for now, our settlement has essentially moved to the river, where we host visitors almost on a daily basis.”
Czech Republic former economist to launch Liberland’s token
The businesses of the Liberland state is conducted over Skype, WhatsApp, and email that enables about 100 of its representatives to stay in communication all over the world. Now, the virtual nation is all set to launch its legal system that will be based on blockchain technology. Furthermore, Liberland will distribute its own coin Merit in a few months i.e. on April 13. This day will also mark the third anniversary of Liberland’s creation.
As for how Merit will be received, citizens have to pay taxes to the nation for which they will get Merit. This, in turn, will grant those donors a stake in the Liberland. Talking about the taxes, Jedlicka explained:
“For many years, I worked for lowering taxes and regulations in the Czech Republic, but I suddenly realized that it would be easier to start a new country than to fix an existing one.”
The financial operations of the nation will run on BTC, BCH and, ETH while the state budget will involve about a dozen cryptocurrencies. Currently, the founder, Jedlicka is promoting his venture and meeting up with people to create a similar space in Central America and Africa. However, since 2015 when Liberland came into existence, about 100 people have been arrested that certainly puts a damper on the situation.
Is Liberland a Scam?
It has been already somewhat 4 years since the plans were announced to create a Libertarian, virtual nation. Till now, no progress could be seen on this project that certainly makes us doubt the validity of it. Moreover, with the land being a disputed one and Croatia and Serbia blockading the place, it seems like a really far-fetched dream to build something substantial there.
Given the time Jedlicka is spending travelling the globe to promote this venture, many are also speculating that he is up to no good. It would be interesting to watch how a virtual state Liberland will turn out.
What are your views on the nation running on cryptocurrency? Do you think it will be successful or will it just be a scam? Let us know below!
I am an associate content producer for the news section of Coingape. I have previously worked as a freelancer for numerous sites and have covered a dynamic range of topics from sports, finance to economics and politics.