The citizens of Czech Republic declared a new country, the Free Republic of Liberland, that will likely use digital currency as official money.

A new state, the Free Republic of Liberland, has been founded by Czech citizens on a 2.7-sq-mile territory between Croatia and the Republic of Serbia.

Established on the Danube River, Liberland will become the third smallest state in the world after Monaco and the Vatican.

The country was declared on April 13, 2015, following a border dispute between Croatia and Serbia. Based on terra nullius (no man’s land), Liberland was claimed neither by Croatia nor by Serbia, what allows the creation of new state.

Liberland will not have an official currency, instead, it will use all currencies, including bitcoin and other cryptocurrencies.

“The objective of the founders of the new state is to build a country where honest people can prosper without being oppressed by governments making their lives unpleasant through the burden of unnecessary restrictions and taxes. One of the reasons for founding Liberland is the ever expanding influence of interest groups on the functioning of existing states and the consequent worsening of living conditions of people. The founders are inspired by countries such as Monaco, Liechtenstein or Hong Kong,” the founders said in an official press release.

Vit Jedlicka, a Czech politician and a member of the Free Citizens Party, was elected by the Preparatory Committee as a president of the sovereign Republic. The libertarian party is against government intervention in the economy and the centralization of political power.

Jedlicka has already begun creating a constitution and diplomatic notes, which will be sent to the neighboring states and other countries in order to inform them about the establishment of Liberland.

Created completely in accordance with international laws, Liberland prides itself on personal and economic freedom of its citizens. The motto of the new state is “To Live and Let Live.” Liberland’s constitution limits the power of politicians and their intervention in the freedoms of the country’s citizens.

As the country is only few days old, it doesn’t include military, airport, post office and other infrastructure.

More than 20,000 people have already applied for future citizenship through the official website, although citizenship will likely be granted to only about 5,000 people in the near future.

Jedlička is sure the initiative will be successful and the new state will be officially recognized by the international community.

The news has quickly gone viral on the web, given the fact that more than 10,000 people have signed up on it Facebook page and its forum. Meantime, the information about the potential bitcoin adoption in Liberland drew a lot of attention and was actively discussed on Reddit and Liberland forum.

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