Self-Proclaimed ‘Nation’ Liberland To Issue Its Own Cryptocurrency

Liberland is planning to launch its own cryptocurrency, even as it continues to push for independence from Serbia and Croatia. The self-proclaimed country is at the center of a fierce dispute pitying Croatia, which has gone to great lengths to prevent it from gaining independence.

Liberland territory stretches 7 kilometers between Croatia and Serbia and has been a bone of contention between the two countries, following the end of the Yugoslav civil war in the 1990’s. Croatia turned down an opportunity to include it as part of its territorial land as it would have led to redrawing of new borders.

Serbia and Croatia having affirmed they did not want the land, stepped in, Vit Jedlicka, a former economist, who has made it no secret of his intention to take over the land. In 2015, the economist and three other friends planted a flag tree in the autonomous region and have since been pushing for independence.

The economist has already embarked on an ambitious plan of making Liberland a virtual state, running entirely on cryptocurrency.  With half a million people having already signed up for citizenship, the cryptocurrency push no longer appears to be a farfetched dream.

While Liberland state-business is currently carried out over email, WhatsApp and Skype plans are underway to set up a legal system on blockchain technology.  Distribution of the proposed ‘Merit’ virtual coin is slated for April 13, 2018, in commemoration of the Libertarian third anniversary.

The self-proclaimed nation currently accepts Bitcoin, Bitcoin Cash and Ethereum donations for running the day to day financial operation. The state budget is distributed in almost 12 cryptocurrencies.

Available financial data indicate the country earned as much as $87,040 from bitcoin in 2016, which formed 40% of its total income. The value of the amount is much higher now given that the value of the virtual cryptocurrency has skyrocketed.

The newly formed ‘nation’ is currently accepting applications for citizenships even as Croatia insists that anybody who steps feet in the contentious land would be prosecuted. The only requirement for one to become a citizen is to be respectful to other people and their opinion, have respect for private ownership and a clean criminal record. “The situation on the mainland in Liberland is still difficult as Croatian police illegally persecute all visitors and settlers,” Jedlicka told The Telegraph in an interview. “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.”