CRYPTO NATIONS AGAINST THE GOVT IN BID TO BUILD AUTONOMY

The world of crypto exchange is setting bolder with time and this has been seen in the recent rise of the need to create their own utopias. This idea began rolling in 20914 when Bitnation was formed. ‘Bitnation’ is a borderless nation of individuals that run and operate with Bitcoin setting up assets and value within the crypto exchange. The move has brought about a different breed of ‘nations’ that are looking for complete autonomy from the government in terms of running. The idea of having a whole island or landlocked country that is purely crypto-based is not new and has been tinkered with by a number of platforms. Puertopia and Liberland are also seeking to build their autonomy but all face a common hurdle; the government. It would have been almost ignorant of these ambitious ‘nations’ to expect less from their governments.

The foundation of Bitnation in July 2014 led to the growth of organizations and startups looking for a way to grow their countries from the ground up. The builder of Liberland a landlocked country that was derived from a war-torn area between Serbia and Croatia in the earlier years, Vit Jedlicka, felt that his war against corruption in the Republic of Czech was not bearing any Building a corruption free nation from the ground up would be a better way to go. Puertopia, also known as the ‘floating island’ was founded by Peter Theil and Patri Friedman from the Seasteading Institute. The institute has recently announced the that the ‘nation’ would begin with 300 homes besides other setups having engaged the relevant building and planning professionals.

The governments involved are not pleased by the undertakings for a number of reasons including the fact that these nations are being built on government land. The nations have not gone into an agreement to purchase the needed areas of land to build this which is as large as more than 7 square kilometers. The move would also cause the governments to lose taxes as these currencies or nations would be seeking autonomy from them.

Blockchain in itself has presented a number of hurdles to this but the developers of these micronations believe that they can easily build successful nations on what already exists. This idea is far from being possible even as more crypto exchanges seek ways to make this a reality in the modern day society. They will hoverer have to contend with government regulations even in their own unregulated world of digital currencies.