The small country is located between Croatia and Serbia. The founder of Tron told News that he will promote the idea of small government as a model to the world. Liberland is the latest experiment in crypto sovereignty.
Liberland, the ersatz European micronation that owns 99% of bitcoin reserves, has elected Tron founder Justin Sun as its new prime minister.
Sun will take over from Czech libertarian politician and activist Vit Jedlica, who in 2015 declared the uninhabited area on the Croatian bank of the Danube a newly independent nation.
“Just as Vatican City represents the central spiritual authority for Catholics, Liberland will be the heart of the libertarian movement,” Sun said. News After the declaration of results.
“My vision is to build on the foundation of libertarian principles that make up the essence of our country,” he said.
Establishing ideology
Liberland's founding ideology is based on libertarian thinkers such as Ayn Rand. It charges no taxes to citizens, has minimal government, and wants to create a laissez-faire economy based on cryptocurrency.
Seven members of Congress from Liberland, representing 1,000 citizens, Elected Sun on October 6 through a blockchain-based voting system.
Despite the pomp, the micronation has yet to be recognized by any member of the United Nations. Neighboring countries are Croatia and Serbia Removed Jedlička's arguments are frivolous.
Some even question whether Liberland is just an extravagant publicity stunt.
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A Plan for Liberland
But this is not the first time that Surya has entered politics. He was in the past Worked As the representative of the Caribbean island of Grenada to the World Trade Organization from 2021 to 2023.
At about 2.7 square miles in area, Liberland is about the same size as Gibraltar.
However, Sun has big hopes for the micronation.
“I aim to actively promote the idea of small government as a model not only in Liberland but also for the world,” he said when asked what he would do in his new role. “Our success could inspire other countries to adopt libertarian principles.”
It is not clear what success will look like in Liberland.
Actions were taken for that Recognition wins From Argentina, El Salvador and Somaliland, there is no clear way how it will gain official recognition.
'There are no coercive obligations, no taxes, and no orders over its citizens.'
– Justin Sun
The micronation relies on donations and makes small sums by selling passports and issuing stamps and coins. Most of the money it takes is quickly converted into Bitcoin.
Liberland says it is permanently inhabited, but mostly by campers and people living on boats.
However, the idea has attracted some prominent supporters – Argentina's libertarian president, Javier Millay.
At a comic book convention in Buenos Aires in 2019, the economist, dressed as an anarcho-capitalist superhero, announced his support for Liberland, which MicroNation proudly displays on its YouTube channel.
Crypto Micronations
Crypto has an enduring preoccupation with forming micronations – small, self-proclaimed nations that are not recognized by any major international organizations or world governments.
In 2020, three crypto enthusiasts bought a 245-meter long cruise ship and docked it off the coast of Panama, with the aim of launching A new libertarian society Trading in cryptocurrencies only.
The economics of the idea is dead in the water, but the crypto fantasy lives on in micronations like Liberland.
There is also this Adopted cryptoLiberland is issuing a dollar token that can be purchased on Uniswap, an Ethereum-based decentralized exchange. It runs its own proof-of-stake blockchain and says it will issue land documents as NFTs.
“Everything is built on voluntary participation and mutual respect, which I believe all governments should operate on,” Sun said. “There are no coercive obligations, no taxes, and no orders over its citizens.”
But the utopian idea of creating a society around voluntary participation is not practical. As many have said in crypto, incentives are not aligned.
Bitcoin, for example, does not rely on the good will of its users. It is set up so that even though participants act in their own self-interest, it benefits everyone who uses the network.
Liberland survives with the support of rich patrons. But it may struggle if it plans to grow and accept more citizens.
As the laissez-faire economist Milton Friedman often said, there is no such thing as a free lunch.
There is Tim Craig News' Edinburgh-based DeFi correspondent. Reach out with tips at [email protected].
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