Bitcoin to Become National Currency in the New State of Liberland

News and Analysis

In between Serbia and Croatia, on an area of about 6, a brand new country named Free Republic of Liberland (Svobodn republika Liberland) has emerged. The new state will adopt Bitcoin, or another Bitcoin-based currency, as its national currency.

Official motto of the new state formation reads ‘Live and let live’ (t a nechat t). Establishment of Liberland was announced by Vt Jedlika, member of Free Citizens Party, to Prague Express newspaper. The state was officially founded on April 13th, 2015.

“The preparatory committee granted powers to the president to inform the neighbouring countries, as well as UN and the rest of the world, of emergence of a new state via diplomatic notes. Founders of the new state want to establish a society where decent people could prosper without excessive governmental prohibitions and taxes. Our ideals are Monaco, Liechtenstein and Hong Kong,” Jedlika said.

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The state already has its own Wikipedia page, an official website, its national flag and coat of arms. As far as the information goes, the government form of Liberland will be republican with direct democracy elements.

It is not the first instance when Bitcoin or some other cryptocurrency becomes official currency of a separate territory within an existing country. For example, it happened in Lonseston, Australia. Official acceptance of Bitcoin will allow the new country to avoid spending money on launching of state typography, and designing the banknotes and protection means.

Moreover, should Liberland succeed, it will make a major contribution in practical understanding of Bitcoin and blockchain technology, not to mention that the country will instantly become a true Mecca for Bitcoin enthusiasts.

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