Justin Sun, the founder of the Tron (CRYPTO: TRX) network, has been elected as the Prime Minister of Liberland, a so-called micronation with an economy built around cryptocurrencies and blockchains.
What Happened: Sun was nominated by President Vít Jedlička to serve as the acting PM after the cryptocurrency entrepreneur was declared the winner of a blockchain-based election process.
Sun’s accomplishments in space were recognized by the president’s office, and the administration hoped that the region’s blockchain initiatives would get a boost under him.
Sandwiched between Croatia and Serbia on the west bank of the Danube River, Liberland was founded by Czech politician Jedlička, who now serves as the president. Though Liberland says that the 7 km² space it occupies hasn’t been claimed by either of the two countries, Croatia has deemed it a “fictitious project” and contrary to international law.
As of this writing, there has been no diplomatic recognition of Liberland by any member nation-state of the United Nations.
A so-called libertarian utopia, the region’s entire governance and legislation is managed on-chain, while the Liberland dollar (LLD) acts as the operational token of the blockchain.
The recent elections were conducted using a blockchain-based system, which, according to Liberland, ensures transparency and removes any doubts about election results. The micronation aims to set an example for other countries still using traditional election methods.
Why It Matters: Justin Sun’s election as Prime Minister of Liberland comes after a significant setback in his career. In April last year, Sun lost his role as the Ambassador of Grenada to the World Trade Organization (WTO) following an SEC lawsuit against him. He has served in this role since November 2021 and led Grenada’s delegation at the 12th Ministerial Conference.
Interestingly. he continues to use the initials H.E. (“His Excellency”) before his name on his official X account.
Price Action: At the time of writing, TRX, Tron’s native currency was trading at $0.1587, broadly unchanged in the last 24 hours, according to data from Benzinga Pro.
Photo Courtesy: Wikimedia Commons
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