Currency
The Bank of Titulia issues the official currency of the Republic, the Titulia tollar (currency code TIT). The Titulia tollar has some unique characteristics that set it apart from all other currencies.Limited supply
Governments all over the world (including some virtual worlds) are increasing money supply, the amount of currency in circulation, causing inflation and therefore ripping their own citizens off by devaluating the cash they own. The Bank of Titulia has a strict policy against this practice - we will never create or allow the creation of money to fund a budget deficit, public or private. The Bank of Titulia only issues money backed by value created through citizens' activities useful to the Republic.Transparent money flow
Tollars can not be lost or stolen. Tollars may only be owned by citizens, institutions and companies of Titulia and anyone is able to check out who owns exactly how much tollars at any time. This creates a transparency to the financial system unprecedented in any other country.Free financial markets
Citizens of Titulia are completely free to create their own financial institutions and provide financial services of their choice. Private banks may collect deposits, provide lending, money market or any other financial services.Making payments
Payment of tollars by one citizen to another is accomplished by a simple mouse click on the recipient's home page on the website of the Republic. Since tollars may only be owned by Titulian citizens, companies and institutions, direct payments can only be done by one Titulian to another. To find out how you can pay someone who is not yet a citizen, check out the section on banknotes below.Banknotes
The Bank of Titulia does not issue tollar banknotes.You can, however, issue promissory tollar notes yourself if you are a citizen and own any amount of tollars. You can use this facility to pay people who are not citizens of Titulia. With these notes, you effectively promise to pay tollars to the bearer of the note, upon his / her immigration to Titulia. These notes are not backed by the Bank of Titulia - they are backed by your own tollar balance that anyone can check out. You can use any format you wish, or you can download a template here.
Legal Notice:
The issue of promissory notes unbacked by actual tollar balances is a serious crime which may carry the most severe punishment.