Do you remember Liberland? It’s a microstate between Croatia and Serbia that a few years ago declared itself as a cryptocurrency utopia. Honestly, the story is developing more interestingly than one might have expected.

So, just recently, they held a congress election using blockchain voting. And here’s who was elected — Justin Sun, the creator of TRON, is now the Prime Minister of this experimental state. Along with him, journalist Gillian Godsil, influencer Evan Lutra, and several other re-elected members joined the leadership. Sun sees Liberland as a minimal state without taxes, fully based on blockchain. He compares this place to the Vatican, but for libertarians. Sounds ambitious, doesn’t it?

Now, about the money. The economy here is built on cryptocurrencies — Bitcoin makes up 99% of the national reserves. But it’s a double-edged sword. Yes, it aligns with the ideals, but it’s also risky for a state that might someday want to be recognized. There are about a thousand registered citizens, but far fewer actually living there. The territory is mainly floodplain, with almost no infrastructure. The state earns money by selling passports, stamps, and coins, and immediately converting everything into Bitcoin. But dreams don’t pay bills, and Liberland is in urgent need of basic services.

And diplomacy is a complete disaster. Croatia and Serbia ignore the microstate; Croatia even attempts to arrest those trying to settle there. No one officially recognizes it. However, Javier Milei from Argentina publicly supported the idea, and Liberland is looking into Salvador and Somaliland, but this doesn’t solve the main problem — complete diplomatic isolation. Without recognition from the international community, this experiment could collapse at any moment. Geopolitics in the Balkans is unpredictable, and if Croatia or Serbia decide to, they could simply occupy the territory. An interesting case of how blockchain and political ambitions clash with reality.