Back

Liberland Head To Deploy Crypto In Running The Country

Liberland is emerging to be a model country for many others across the globe on how to use digital assets in managing a nation.


 

Merit Crypto To Be Used In Decision Making

The head of Liberland now plans to deploy a new digital currency called Merit as part of his plans for the small country. The country is surrounded by Serbia and Croatia.

Over the years, Vit Jedlicka has been exploring cryptocurrencies as the driver for the nation’s economy. The country is marred by the controversy surrounding its founding. According to its website, Liberland lies on a 2.7 square mile land. Jedlicka says that he conducted research regarding an available no man’s land before settling on the area. To date, no country has claimed ownership of Liberland which has 205,000 citizens.

Before becoming the leader of Liberland, Jedlicka served as the head of a small political outfit in the Czech Republic. He wants to fix large countries that are rife with complex regulations. His home country's politics became unbearable and he decided to create his own nation. Under Liberland, Jedlicka plans to offer decentralized leadership with no taxation to citizens. Additionally, residents will enjoy many different rights.

Initially, the country deployed bitcoin as the reserve form of money. Speaking to a media outlet, Jedlicka stated that cryptos were a great means of serving as an exchange tool. He added that his planned cryptocurrency will be more than just a normal cryptocurrency.

In the end, Jedlicka plans to convert Liberland into a decentralized system. In this setting, decisions are made in an electronic manner via computer codes. Additionally, voting rights will depend on the number of Merit one holds. Jedlicka said this model will ensure residents own a number of shares in their own country.

Jedlicka holds the notion that it is possible for citizens to build a country through participating in its growth. The power should belong to the people and they should be in a position to make key decisions effecting them.

The country has already set up a trial project that will be rolled out late next month. Merit is backed by ethereum protocols. It can be deployed as collateral within the country.

At the moment, Jedlicka is readying himself to replace the Liberland boat operating on the Danube River with a new one dubbed ‘Bitcoin Freedom’. It will be used by individuals who are aligned with the Liberland cause.

6 months ago

Start Weekly Digest

Similar news