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The Free Republic of Liberland currently using Bitcoin as their national currency has hinted it can migrate to a new cryptocurrency.
The Free Republic of Liberland, a self-proclaimed micronation on the western bank of the Danube river currently using Bitcoin as their national currency, has hinted that it may migrate to a new cryptocurrency.
Cointelegraph spoke to Vit Jedlicka, the president of Liberland.
Cointelegraph: Your young country chose Bitcoin as your currency. Did anything in particular shape this decision?
Vit Jedlicka: We have implemented total freedom in what currency people want to conduct business or pay taxes. We are using Bitcoin as only reserve currency. So all Liberland funds are converted to this first truly decentralized cryptocurrency. We are happy to have on board leaders in the industry.
Starting with the people behind Bitcoin Trezor to people like Roger Ver who invested in Bitcoin in the early days. We are going to be the first country to have transparent accounts directly on Blockchain.
CT: Don't you think using Bitcoin as the medium of exchange will negatively affect trade with your neighbours?
VJ: Bitcoin is the future of international trade. So far, we have successfully used Bitcoin to acquire all ships that are used as first settlement in Liberland. Bitcoin is already well accepted and exchangeable in both Croatia and Serbia.
CT: With the current wranglings over whether the Bitcoin Blockchain should scale or not, are you still going to stick to your guns?
VJ: We are ready to migrate to new advanced cryptocurrencies like Dash if necessary. So far Bitcoin is the best and most stable solution for us.
CT: Why didn't Liberland choose a precious metal backed currency?
VJ: We are considering putting part of our budget in gold backed accounts. Probably around 20 percent as hedge against any kind of more serious financial or social crises.
CT: Your excellency, personally how do you see the future of Bitcoin?
VJ: Bright. I think that probably within one or two decades we will view banking as we know it, as something obsolete, and there will be a complete move to cryptocurrencies.
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