Justin Sun, founder of the TRON TRX/USD network, has been elected prime minister of Liberland, a so-called micronation whose economy is built around cryptocurrencies and blockchain.
What happened: Sun was named acting prime minister by President Vit Jedlička after the cryptocurrency entrepreneur was declared the winner of a blockchain-based election process.
Sun’s work in space has been recognized by the Blue House, and the administration expected the region’s blockchain efforts to accelerate under him.
SEE ALSO: Trump widens lead over Harris in prediction market betting odds — setting new high in crypto-based polymarkets
Liberland, located between Croatia and Serbia on the west bank of the Danube River, was founded by Czech politician Jedlička, who currently serves as president. Liberland says neither country claims the seven square kilometers of space it occupies, but Croatia considers it a “fanciful project” and in violation of international law.
As of this writing, there is still no diplomatic recognition of Liberland by UN member states.
A so-called libertarian utopia, the region’s entire governance and laws are managed on-chain, with Liberland Dollar (LLD) serving as the blockchain’s operational token.
According to Liberland, recent elections were conducted using a blockchain-based system, which ensured transparency and eliminated doubts about the election results. The microstate aims to set an example for other countries that still use traditional election methods.
Why it matters: Justin Sun was elected Premier of Liberland after a major setback in his career. In April last year, Sun lost his job as Grenada’s ambassador to the World Trade Organization (WTO) following a lawsuit by the SEC. He has held this role since November 2021 and led the Grenada delegation at the 12th Ministerial Conference.
Interesting. He continues to use the initials HE (“Your Excellency”) before his name on his official X account.
Price Trend: At the time of writing, Tron’s home currency, TRX, was trading at $0.1587, unchanged over the past 24 hours, according to data from Benzinga Pro.
Photo credit: Wikimedia Commons
Read next:
Market news and data powered by Benzinga API
© 2024 Benzinga.com. Benzinga does not provide investment advice. Unauthorized reproduction is prohibited.
