The Free Republic of Liberland occupies around 2.7 square miles of land between Croatia and Serbia. The libertarian president of the region has plans to implement a state-issued cryptocurrency called Merit, saying that he expects crypto to overtake the entire banking sector in the next 10 to 15 years.

President Vit Jedlicka, formerly a regional leader of a small political party in the Czech Republic, believes that cryptocurrencies and blockchain technology can replace or streamline an enormous amount of banking inefficiencies. He praises its ability to enable peer to peer transactions, in some cases eliminating the need for banks to facilitate transfers.

”I’m very excited that we want another role that’s similar like Bitcoin to the world of national currencies, we would like to be a competitive nation-state in the future,” Jedlicka shared in an interview with Sputnik News.

Bitcoin was the original reserve currency for the new nation, but the leader plans to make the Merit coin ”more of a share in Liberland than a cryptocurrency.”

Where Jedlicka’s plans become possibly problematic is through his conception that voting rights should be a representation of how many Merit coins you have, or how much money you have given the state.

He says that the system will let citizens ”get the shares of the country they are living in” if they wish to pay voluntary tax contributions, saying that people who ”actually make the country possible and have contributed to its creation” should have the power to make the decisions.”

With people who have more capital to pay into the country through the system essentially able to buy more power in the county, this opposes the concept of a free democracy that western states adhere to.

The legitimacy of the state

Jedlicka found the land which is now Liberland by a simple Wikipedia search of ”no-man’s-land.” Although it is not officially recognized by any country,  205,000 people have apparently already registered to become citizens.

Calling Liberland a ”role model of a new type of state,” Jedlicka says there are no obligatory taxes planned, alongside a decentralized government and a range of right that extend beyond that of most other European nations, such as the right to bear arms.

 

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