Could eliminating all taxes and only creating new money theoretically work?

Imagine you had the opportunity to found a new country from scratch (in 2020). Value exchange would be digital, where only the state can create new currency units. Instead of relying on income tax and/or indirect taxes, there would be no form of tax but instead the government would rely on increasing the overall supply of the currency to perform welfare redistribution, such as providing Universal Basic Income. ( note: UBI was my choice in this example since it simplifies welfare redistribution, making the question clearer) An example: Year 1: Initial currency units: 100. Government creates 10 more units (10%) and pays it out as UBI Year 2: Init. units: 110. Government creates 11 more units (10%) and pays it out as UBI Year 2: Init. units: 121. Government creates 12.1 more units (10%) and pays it out as UBI... Each year the value of the currency is lessened due to inflation, so more money has to be generated. Would this work if the country was completely isolated? If so, would it still work if international trade were a factor? FOLLOW-UP QUESTION: As far as I know, money was initially created as a means of value exchange, not necessarily a means of storing value. Since most existing answers highlight (rightfully so) that high inflation rates lead to people not using a currency to store value, but resorting to USD or similar, wouldn't it be plausible that they would still use the currency for everyday transactions, simply because it is universally recognised, thus leading to higher ease of use?