Official digital currency

In ancient times goods and services were exchanged through barter system¹ Gold, valuable metals and other tangibles like stones and shells were also exploited as medium of exchange. Now Paper Currency (PC) is country-wide accepted common medium of trade. It has three major flaws. First, the holder of currency is always at risk due to theft and robbery culture in most of the societies of world. Second, counterfeit 2 currency is a challenge for currency issuing authorities. Third, printing and transferring PC causes a heavy cost. Different organizations have introduced and implemented digital currency systems but none of them is governed by any government. In this paper we introduce Official digital currency System (ODCS). Our proposed digital currency is issued and controlled by the state/central bank of a country that is why we name it Official digital currency (ODC). The process of issuing ODC is almost same as that of Conventional Paper Currency (CPC) but controlling system is different. The proposal also explains country-wide process of day to day transactions in trade through ODCS. ODC is more secure, reliable, economical and easy to use. Here we introduce just the idea and compulsory modules of ODC system and not the implementable framework. We will present the implementable framework in a separate forthcoming publication.