By Felicity Ussher, 21 October 1999 11:32
NEWS Cyber Yuga may be the first example of an online nation, but 500 capitalists are trying to create a complete, virtual economy. Laissez Faire City's 5,000 sovereign individuals are setting up an online trading network that has no taxes - just profit. Currently in beta testing, it relies on its own electronic stock exchange, on which invited participants can trade their goods, without government regulation. The trading network relies on strong encryption to ensure secure communications. According to Laissez Faire, "In cyberspace, sovereignty requires the establishment of a 'protected communications grid' where intruders of every ilk are denied access, penetration and knowledge of the information. "Laissez Faire City is one of the first such protected areas, but it is certainly not the last. If ecommerce is to become dominant in the years to come, it is probably only the tip of a giant iceberg." However, the Organisation for Economic Co-operation and Development (OECD) has repeatedly stated that real world taxes will apply online, across the globe. A spokeswoman for the UK's Inland Revenue told Silicon.com: "We know they won't get away with it." For more information go to http://www.lfcity.com .
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