Preamble Pila Bank is established pursuant to Article 30 of the Permanent Statute of the Free Territory of Trieste (Annex VI of the 1947 Peace Treaty). It operates as a monetary authority and territorial issuing bank, acting in compliance with international law and protecting the economic rights of the population.
CHAPTER I – Institutional Structure and Statutory Rules
Article 1 – Public Nature and Transparency: Pila Bank operates under public statute and ensures maximum transparency in its operations. All transactions and corporate issuances are validated and immutably recorded using blockchain technology.
Article 2 – Management and Administration: The bank is managed by a Sole Director (currently appointed Alessandro Valerio) and responds to the directives of the “Economic Authority” of the Free Territory of Trieste. Once established, the Governor of the Free Territory of Trieste will release the private keys.
Article 3 – Anti-Money Laundering (AML) and Compliance: In compliance with the directives notified to the UN, Pila Bank implements rigorous anti-money laundering regulations. By tracking various blockchains, the bank monitors capital flows to prevent illicit transactions.
Article 4 – Deposit Protection: The bank establishes technological and financial safeguards to protect institutional digital wallets, ensuring the protection of deposits as a foundation of trust in the system.
Article 5 – Economic Relations: The bank is authorized to maintain direct relationships with local and international economic operators, facilitating the commercial development of the territory.
CHAPTER II – Management of Blockchain Issuance (Pila, Boro, Flica)
Article 6 – Legal Tender: The cryptocurrencies Pila, Bori, and Fliche constitute the legal tender of the territory. They maintain a customary, but not fixed, parity (1 to 1) with the Euro, used exclusively as a stability parameter.
Article 7 – Issuance and Capital Cap: The maximum issued capital is fixed and non-reissuable at 63 billion units for the Ethereum and Polygon blockchains, divided equally: 21 billion Pila, 21 billion Bori, and 21 billion Fliche. For the Stellar and Waves blockchains, the capital is the same but will be reissuable. This cap is calibrated based on the needs of the Free Territory’s population. The minimum single unit is called RUJ based on the decimals created in the different blockchains.
Article 8 – Multichain Infrastructure and Wallet: Primary issuance management takes place on the Stellar and Waves blockchains through institutional wallets. The bank reserves the right to create interoperability protocols (bridges) with other blockchains to facilitate international exchanges and ensure clear rules on convertibility.
Art. 9 – Distribution for Social Purposes: For Stellar and Waves, liquidity is injected into the market for social and public utility purposes, while for Ethereum and Polygon, it is defined more as a store of value and will be distributed according to tokenomics: 90% community, 3% team, 1% marketing, 1% reserve, and 5% government. This distribution will support citizens in need and incentivize local and institutional businesses.
Art. 10 – Internal Transaction Regulations: Cryptocurrencies can be used to settle debts, purchase services, or compensate for institutional collaborations within the Pila Bank and the Free Market of Trieste trading network.