Official digital currency

Abstract

In ancient times goods and services were exchanged through barter system 1 . 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 DigitalCurrency (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.

Illicit Activities Beneath the Surface Web: Investigating Domestic Extremism on Anonymous Social Media Platforms

“…People have moved from the barter system of trade to gold and valuable materials, to modern day metallic, paper, and bank money. Money functions as a medium of exchange covering the insufficiencies of the barter system, as a unit of account measuring the value of services and goods, and as a value indicator enabling its reuse and redistribution among people (Shoaib, 2013).…”

“…Flaws also characterize digital currency, but of a different nature to the ones of traditional currency. They are not stable, and they could potentially impact the reputation of its users and banks negatively when they are associated with it and are not issued or controlled by a central source (Shoaib, 2013).…”

“…Additionally, it is susceptible to theft, and counterfeit currency is continuously an issue the government has to face. Digital currency is trying to provide a solution for these inadequacies and understanding the flow of money is essential to uncovering how these currencies interact within different spheres (Shoaib, 2013).…”

DeepMoney: counterfeit money detection using generative adversarial networks

“…Elsewhere, a raid by Peshawar police yielded fake documents and 0.7 million in counterfeit currency notes. The chairman and managing director of a security printing corporation in Pakistan said that enemy countries were producing counterfeit notes of Pakistani rupee which was being used exclusively for terrorist activities in the country (Shoaib et al, 2013;Taillard, 2018). The State Bank of Pakistan has carried out various types of campaigns to raise awareness of the security features of bank notes, both directly to its customers and in collaboration with other banks.…”

Analysis on crypto-currency

“…The current challenge faced by regulators is expanding existing laws to allow for the unique aspects and challenges of the virtual currency world. For taxation purposes, virtual currencies are handled as property rather than as currency, and transactions are subject to the same taxation norms as other types of property [12]. Even the FINCEN (Financial Crimes Enforcement Network) has taken steps to clarify the transaction attempts using crypto currencies.…”