World's first floating nation that will launch in the Pacific Ocean in 2022 will have its own government and 'Vayron' cryptocurrency

The world's first independent floating nation which will launch in the Pacific Ocean in 2022 will operate outside of government regulations using its own 'Vayron' cryptocurrency.

The plans will see the sea-bound city state, with 300 homes as well as a handful of hotels, restaurants, offices and more, built in the Pacific Ocean off the island of Tahiti.

Bankrolled by PayPal founder Peter Thiel, the £37 million ($50 million) project is a pilot program in partnership with the government of Polynesia and is championed by a movement of academics, philanthropists and investors.

In a new interview, Nathalie Mezza-Garcia, a political scientist and researcher for the Floating Island Project, says the island's residents will be free of 'fluctuating geopolitical influences and trade issues' and claimed the nation could one day house refugees displaced by climate change.

Speaking to CNBC, Ms Mezza-Garcia, a researcher at Warwick University, said: 'There is significance to this project being trialed in the Polynesian Islands. This is the region where land is resting on coral and will disappear with rising sea levels.

'Once we can see how this first island works, we will have a proof of concept to plan for islands to house climate refugees.'

The scheme is the creation of the nonprofits Seasteading Institute and Blue Froniters, which alongside Thiel's investment fund the project through philanthropic donations via tokens of their own cryptocurrency, Vayron.

Source :- www.dailymail.co.uk