Liberland a newly established country that lies between Serbia and Croatia is preparing to issue its own virtual currency known as Merit on April 13. The virtual state which was instituted by a controversial politician Vit Jedlicka in 2015 basically operates on the Bitcoin donations. The nation is currently accepting the applications for ‘citizenship and about half a million people across Europe have applied for citizenship in Liberland.

The finances of the nation are principally run on Bitcoin and Bitcoin Cash donations. The donor funders would be awarded on a Merit as recompense, thus making them partners of Liverland. According to the 2016 financial data, Liberland earned more than $87,040 from Bitcoin and the number could have escalated in 2017 considering that the value of Bitcoin went up. The country is in the final touches on the process of issuing its blockchain technology system that would be used as an alternative mode of payment across the nation.

Liberland is simply a sandbank that is mostly uninhabited. In 2015, Jedlicka together with his three friends went and planted a flag on the land and elected him as the president of the state. Since then, the landmass has been experienced cruelty especially from Croatia who vowed to protect the area by arresting and charging anyone who attempts to access it. Most visitors and settlers are usually unlawfully harassed by the Croatian military that have occupied the mainland region thus pushing them to the river banks.

Jedlicka stated that he strived to reduce the taxes and regulation on the cryptocurrency while in the Czech Republic but later he realized that it’s easier to start a new state that try to fix an old one. The state’s financial strategy has four key pillars which are voluntary taxation; zero government debts; minimal government expenses; zero fiscal policy and free competition of currencies.

More than half a million citizens have been confirmed online and already there is a cabinet and some appointed ambassadors who would manage the affairs of the country. Liberland generally conducts its business through email and Skype and has about 100 lawmakers residing in various countries.