- A new island nation off the coast of Ecuador called the Republic of Kailaasa plans on using cryptocurrency
- The crypto will be based on a Dharmic economy where people get wealth by being charitable
Nithyananda, a Hindu spiritual leader who has numerous followers but is technically a fugitive on the run from Indian authorities, is establishing the Republic of Kailaasa on an undisclosed island off the coast of Ecuador. Apparently this new nation will have its own Central Bank, called the Hindu Investment and Reserve Bank, and it will issue its own cryptocurrency.
The Republic of Kailaasa plans on being a pure Hindu society, where those of the faith can practice their religion without censorship from the government. This new country will have a Dharmic economy, which aims to bring a paradigm shift. Typically, people plan on getting rich and then giving to charity, but in the Dharmic economy, people give to charity and then get rich.
The Hindu Investment and Reserve Bank at the center of this Dharmic economy will be owned in a decentralized way, and its supply of money will not be contaminated by fiat, since the people establishing the Republic of Kailaasa believe that banks and governments use fiat to enrich themselves at the expense of the people. Cryptocurrency is an ideal choice for this new country since a proper decentralized cryptocurrency cannot be printed at will.
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