Slovakia’s alternative money experiment reaches Poland

A monthly payment of 50,000 ROD crowns, universal debt relief, the dismantling of the existing financial system and the creation of an alternative outside traditional banking – this is the vision promoted by Slovak cooperative SPDR. XYZ has established that its quasi-currency is now reaching people in Poland. How does it work?

"A free monthly income that you receive regularly. Doesn't that sound attractive?" says Agnieszka enthusiastically.

The resident of Poland's Mazovia region found the offer appealing enough to give it a try. She contacted people promoting the "SPDR National Bank" on social media and opened an "account." Very soon, she received both a welcome payment and her first monthly allowance.

"Admittedly, these are only ROD crowns, which cannot be exchanged for any other currency – neither PLN nor EUR – but you can use them to make purchases. I'm not even sure whether ROD crowns can really be called a currency. I'd describe them more as a kind of token," our reader explains.

Oatmeal cookies bought with ROD crowns

She has already put that claim to the test. During a trip to southern Poland, she visited a shop accepting ROD crowns and bought vegetables, flour and oatmeal cookies. The addresses of such outlets – commonly referred to as "pantries" by holders of "accounts" at the "SPDR National Bank" – can be found on Facebook or Telegram.

"The staff were very friendly, and above all, they placed complete trust in the customer. The seller even suggested that I could make the payment later, at my leisure, once I got home," she recalls.

"Zlatá eRA": A "new world of finance"

The aforementioned "SPDR National Bank" operates under the Slovak ROD Share Cooperative (Slovenské podielové družstvo ROD, or SPDR), which was registered in Bratislava on August 20, 2020.

Slovak news outlet Aktuality.sk, citing statements by SPDR chairman Emil Skirkanič, reports that a global revolution is set to begin in Slovakia, one that will "overthrow the current global financial system." According to the organization's narrative, the system's collapse is inevitable because it is "based on debt and money backed by nothing."

Apparently alluding to the bright future it envisions, SPDR also refers to itself, particularly on social media, as "Zlatá eRA" ("Golden Era"). It also uses the slogan "a new world of finance where money serves people" (nový finančný svet, kde peniaze slúžia ľuďom).

A monthly lifetime "allowance" for everyone

The cooperative has a stated goal: to "free all Slovaks from debt." In subsequent statements, it has broadened the group of people it wants to help. On Telegram, it declares: "It doesn't matter whether you live in Slovakia, the Czech Republic, Hungary, Poland, Switzerland, the US, England or anywhere else."

The proposed solution is a monthly "allowance" paid for life. For several years, Emil Skirkanič had promised payments of EUR 1,500. Although SPDR has been operating since 2020, the first "allowances" did not reach members' "accounts" until late last year or early this year. And instead of the promised amount in EUR, members received 50,000 ROD crowns. Agnieszka received the same amount, along with a 1,000 ROD crown "welcome bonus."

What exactly are ROD crowns (ROD koruna)? SPDR describes them as its internal "currency" (mena) and sometimes as an "ancestral currency" (rodová mena). We found no explanation in the organization's materials as to why these "allowances" are paid in ROD crowns rather than Slovakia's official currency.

A "stable exchange rate" – or merely a "reference conversion rate"

SPDR states only that the ROD crown was created specifically to pay these "allowances." It claims that the currency is "backed by systemic banking gold RAM0M1 (XAU)." The cooperative also says it has "adopted a fixed and stable exchange rate" that "does not fluctuate with market conditions or political events," setting it at 30 ROD crowns to EUR 1.

However, it immediately adds that this is "merely a reference conversion rate" (je to len pomôcka). And people joining SPDR are apparently informed, as Agnieszka was, that ROD crowns cannot be exchanged for other currencies.

Photo: Telegram

SPDR's claims are a confusing mix of financial terminology. "XAU" is the internationally recognized ISO 4217 code for gold (in practice, one troy ounce, equivalent to 31.1034768 grams). "RAM0M1," however, has no recognized status in the official financial system and appears only in SPDR's own materials. It is therefore difficult to establish whether the ROD crown has any genuine link to gold.

Its value thus depends entirely on the trust of the cooperative's members. They offer goods and services in exchange for ROD crowns because they believe they will subsequently be able to spend them themselves. As long as that confidence holds, the system can function. But if participants lose faith in it, the whole arrangement could collapse.

Fireside chat

A number in a database is not money

XYZ: Is the ROD crown a currency?

Robert Nogacki, attorney-at-law and managing partner at Skarbiec Law Firm: Let's start with what money actually is. Money has value because the state requires everyone to accept it and accepts it itself in payment of taxes. It also controls the amount in circulation through the central bank, which has the exclusive right to issue money. No one other than the central bank can issue money.

Anyone, however, can invent their own unit, call it whatever they like and distribute it to willing participants. Just as a casino issues chips or a retail chain awards loyalty points. The law does not prohibit this because it does not treat such units as money. Nobody is obliged to accept them, nobody guarantees their value, and they cannot be used to pay taxes.

The ROD crown is therefore not a currency, nor is it electronic money or a virtual currency within the meaning of Poland's anti-money laundering legislation, which requires convertibility into legal tender. Most likely, it is not a cryptoasset either.

So what exactly is it?

It is a number in a database maintained by the cooperative, and it gives its holder no enforceable rights. Financial regulators do not concern themselves with it because their role is to protect the financial system from what enters it. A unit that cannot be exchanged for money never enters that system. It can, however, harm the people who hold it.

The one thing the state firmly protects in this case is the word "bank," which is reserved for licensed banking institutions. That is why the National Bank of Slovakia has issued two warnings about the "SPDR National Bank."

Yet SPDR uses both terms: "currency" and "bank."

The cooperative has effectively copied three institutions of the state: a currency, a central bank and a pension. But it has copied them without any of the characteristics that make the originals function.

Nobody is obliged to accept ROD crowns. They are not scarce, because everyone receives another 50,000 every month. And there is no way out, because they cannot be exchanged for anything outside the system.

This lack of convertibility is presented as independence from the "system," but it actually works like a lock: nobody can establish what a ROD crown is worth because its value can only be tested in a transaction with someone who shares the same belief. The very feature that keeps the ROD crown beyond the reach of financial supervision also makes it worthless outside the community.

The legality of the ROD crown and its lack of value stem from the same source. The monthly "allowance" is not a payment drawn from accumulated assets but a form of issuance that costs the issuer nothing. The EUR 1,500 a month once promised by the cooperative is now being "paid" in units it creates itself.

A unit that everyone receives for free and that nobody can exchange for anything outside the system must buy less with each passing month. That is how Argentina's barter clubs ended up in 2002.*

What about paying VAT on transactions settled in ROD crowns?

Taxation follows one basic principle: the tax authorities do not assign a value to the ROD crown itself. They look at what actually changes hands in exchange for it.

Let me emphasize that VAT applies to businesses. As a rule, it does not apply to a private individual who occasionally sells something for ROD crowns.

A Polish business that accepts ROD crowns in exchange for a repair service must therefore pay VAT and income tax based on the value of that service in PLN. And if we assume that the ROD crown is worthless, then the business has provided the service free of charge. But that, too, can be taxable.

A number appearing in an "account" does not in itself constitute taxable income, just as loyalty points do not. Income arises when someone receives something tangible in exchange for ROD crowns, and its value is determined by the value of the goods or services received.

Small items received from private individuals may fall within the tax-free allowance for gifts. But a professional repair service or a piece of furniture worth several thousand PLN may not. For the tax authorities, the ROD crown therefore acquires value at precisely the moment it acquires value for a member of the SPDR community.

More important than the tax implications, however, is a warning: ROD crowns do not cancel any bank loans. Anyone who stops making loan repayments while waiting for the "debt relief" promised by SPDR's founders risks having their loan agreement terminated and facing debt enforcement proceedings.

So as long as ROD crowns are used only for small transactions, everything is fine?

No. This system involves two forms of abuse. First, it exploits public trust in state institutions by borrowing their names. Second, it exploits the trust of its own members, who exchange real goods for empty numbers.

The "Kingdom of Germany" (Königreich Deutschland), established in Germany in 2012 with its own "currency" and "bank," was banned in May 2025. In July 2026, federal prosecutors charged four of its leaders with running a criminal organization. Its founder was additionally charged with conducting unlicensed insurance activities and tax fraud.

According to prosecutors, the group financed itself through prohibited banking and deposit-taking activities, donations and paid seminars, taking in approximately EUR 10m between 2020 and 2025.

The state did not intervene because the group had created a "currency." It intervened when real money began flowing in exchange for it.

In SPDR's case, the central issue is not taxation but whether Polish members of the cooperative are transferring EUR, PLN or assets to it.

Based on the information available to me, I cannot determine whether that is happening. But if it is, the question is no longer primarily one of taxation. It becomes a question of whether Article 286 of Poland's Criminal Code, which establishes criminal liability for fraud, may apply.

Argentina's barter clubs (clubes de trueque) were local mutual-aid networks whose members exchanged goods and services, particularly during the country's severe economic crisis between 1998 and 2002. Instead of using official currency, participants relied on vouchers known as créditos as a medium of exchange. The system eventually collapsed, partly because poorly secured vouchers were counterfeited on a massive scale.

Robert Nogacki

Attorney-at-law and managing partner at Skarbiec Law Firm

To some extent, this confidence is also bolstered by statements from Emil Skirkanič, who insists that SPDR controls enormous financial resources. "First, we filled our assets at the National Bank with EUR 105bn XAU in gold, and then we increased our capital by a trillion EUR XAU in gold," the cooperative's chairman said, according to a report published in February this year by STVR, Slovakia's public broadcaster.

The original quotation really does use the Slovak word trilión, which, as in Polish, denotes a number with 18 zeros (10¹⁸), or a quintillion in English. At current gold prices, that would be equivalent to around 8bn metric tons of gold – some 35,000 (!) times more than humanity has ever mined. According to the World Gold Council, an industry organization, the total amount of gold mined worldwide stood at approximately 222,600 metric tons at the end of June 2026.

160 Olympic-sized swimming pools filled with gold

But the English word trillion refers to a number with 12 zeros (10¹²), known as bilion in Polish and bilión in Slovak. If that is what Emil Skirkanič intended, his cooperative would hold approximately 8,000 metric tons of gold. That is comparable to the United States' official gold reserves and roughly 13 times Poland's current holdings.

Eight thousand metric tons of gold would occupy approximately 414,000 cubic meters – equivalent to 160 Olympic-sized swimming pools or half the volume of Warsaw's Palace of Culture and Science.

We found no indication in SPDR's materials of where these alleged gold reserves might be stored. However, the matter has also attracted the attention of Slovakia's Financial Administration (FR SR), the equivalent of Poland's National Revenue Administration.

"SPDR is undergoing an inspection of its compliance with accounting legislation for the financial years 2021, 2022 and 2023. However, determining the origin of the financial resources declared by the cooperative is not part of the inspection," Daniel Kováč, spokesperson for FR SR, told STVR.

Two warnings from Slovakia's central bank

Another issue is that the "SPDR National Bank" is not actually a bank. Slovakia's financial regulator, the National Bank of Slovakia (NBS), pointed out as early as November 2022 that the cooperative and its "SPDR National Bank" were using the term without the required authorization. Under Slovak law, only legal entities holding a banking license may use the words "bank" or "savings bank" in their business names. SPDR has no such license.

The NBS has issued two official warnings concerning the cooperative's activities – one in late 2022 and another three years later. Among other things, it emphasized that funds entrusted to SPDR are not covered by the deposit guarantee scheme.

Expert's perspective

Using the word "bank" without authorization is a criminal offense

Transactions involving ROD crowns are, in principle, legal in Poland. Polish law allows parties to agree that payment will be made in something other than money. From a civil law perspective, such a transaction is effectively an exchange, or barter, rather than a sale.

However, the legality of these transactions must be distinguished from the legality of the activities of the entity organizing them. Using the word "bank" in Poland without authorization is a criminal offense. Under Poland's Banking Law, it is punishable by a fine of up to PLN 20m and up to five years in prison.

The fact that payment is not made in money does not mean that the transaction is exempt from VAT. The Court of Justice of the European Union has consistently treated barter as a transaction involving consideration. A business (as opposed to a private individual) that accepts ROD crowns in exchange for goods or services must therefore account for VAT and income tax.

The situation is different when it comes to the "allowance" itself. In my view, there are strong grounds for arguing that merely crediting it to an "account" at the "SPDR National Bank" does not generate income with any real economic value that must be declared in a tax return. The situation changes when the holder spends ROD crowns and receives actual goods or services in exchange. At that point, the tax authorities may determine that taxable income has arisen, based on the market value of what was received.

I would therefore advise people who actually use ROD crowns for payments to exercise caution. For transactions involving larger amounts, I would recommend applying for an individual tax ruling to clarify their tax implications.

Tomasz Prokurat

Attorney-at-law, tax adviser and partner at LITIGATO law firm

There is, however, no evidence available to us that the Slovak cooperative is accepting deposits of any kind. We found no reports in Slovak media indicating that it does.

"I didn't have to pay anything when opening my account," Agnieszka also confirms.

The Hospitallers' Bank: Under the same roof

How has SPDR responded to the Slovak regulator's warnings?

"We do not have an NBS license because, given our status, we do not need one at all (...). We have a license issued by the Sovereign World Bank of the Order of Hospitallers," Emil Skirkanič claimed, according to a report published in February this year by STVR, Slovakia's public broadcaster.

According to the SPDR chairman, the Hospitallers' "bank" is the principal regulator of the new global financial system. The institution's website, available in English, French and Russian, lists its headquarters at Hviezdoslav Square 14 in Bratislava. SPDR is registered at the same address.

And the connections do not end there. Emil Skirkanič is also vice-president of the Sovereign World Bank of the Order of Hospitallers. Its director-general is Dávid Skirkanič, who serves as vice-president of SPDR and is Emil's son.

A cooperative with the minimum required capital

If the SPDR chairman's claims about the cooperative's financial resources were true, it could afford to establish several banks. In Slovakia, as in Poland, one of the requirements for obtaining a banking license is a minimum capital contribution. Under Slovakia's Banking Act, this amounts to at least EUR 16.6m.

A much smaller sum is needed to establish a cooperative. Slovakia's Commercial Code sets the minimum capital requirement at EUR 1,250. And that is precisely the amount of SPDR's registered capital.

Further doubts about the cooperative's claims of vast wealth arise from debt enforcement proceedings against its chairman. In October 2022, proceedings were initiated against Emil Skirkanič at the request of Slovak lawyer Vojtech Agner. The SPDR chairman was ordered to pay EUR 25,000, with legal and enforcement costs bringing the total amount to be recovered to more than EUR 31,370 (approximately PLN 148,000 at the time).

The enforcement officer ordered the debt to be recovered through the sale of property belonging to Emil Skirkanič. In 2023, an enforcement order was issued authorizing the sale of his apartment in Bratislava.

Notice of the initiation of enforcement proceedings through the sale of property belonging to Emil Skirkanič (page 1). Photo: Bratislava Enforcement Office (Exekútorský úrad Bratislava).

Emil Skirkanič confirms the proceedings.

"I even had several liens placed on my properties because one day I simply stopped paying absolutely everything. I decided to invoke Article 32 of the Constitution, which establishes the right to resist," Emil Skirkanič explains.

He adds that his private life has nothing to do with SPDR's activities.

We contacted SPDR with several questions, including why it pays its "allowances" in ROD crowns rather than the promised EUR, whether people opening "accounts" at the "SPDR National Bank" incur any obligations, where the gold that SPDR claims to own is stored, and whether an independent audit exists confirming the quantity and ownership of those reserves.

We had not received a response by the time of publication.

SPDR presents itself as a financial institution of a new era, but there is also a metaphysical dimension to its activities. In the second part of our investigation, we will explore this side of the organization.

We will take a closer look at the Sovereign World Bank of the Order of Hospitallers, as well as other institutions and individuals linked to SPDR. Among other things, we will examine who Aleksandr Nikolayevich Paramonov is, why he invokes the Soviet Union while also being referred to as the "Tsar of Tsars," what the "Treasure of Ra the Creator" is, and what Emil Skirkanič believes Jesus was really called.

Key Takeaways

1. SPDR is a Slovak cooperative seeking to establish an alternative financial system. For years, its chairman promised that anyone willing to join would receive a lifetime monthly "allowance" of EUR 1,500. A few months ago, SPDR finally began making payments, but in its own internal "currency" – ROD crowns. These cannot be exchanged for EUR or other currencies, but they can be used to purchase goods. Members of the cooperative accept ROD crowns in exchange for vegetables, fruit and other everyday items. Although SPDR is registered in Slovakia, people from other countries in the region, including Poland, are also joining.
2. SPDR calls itself a "bank," despite lacking a banking license. In Slovakia, as in Poland, the term is reserved for institutions holding the necessary authorization. The National Bank of Slovakia (NBS), which supervises the country's financial sector, has already issued two warnings about SPDR's activities. Poland's Financial Supervision Authority (KNF) has also announced that it will examine whether the cooperative is violating Polish regulations.
3. SPDR's activities raise further questions. Its chairman claims that the cooperative does not need authorization from the NBS because it holds a license issued by the obscure Sovereign World Bank of the Order of Hospitallers. He also claims that SPDR possesses enormous gold reserves, potentially comparable to those held by the United States. However, he has provided no evidence to substantiate these claims.