@article{1397,
  author = {Muhammad Shoaib, Muhammad Ilyas, Malik Sikandar Hayat Khyial},
  title = {Official Digital Currency: The Future Currency},
  journal = {Journal of Information Technology Review},
  year = {2013},
  volume = {4},
  number = {4},
  doi = {},
  url = {http://www.dline.info/jitr/fulltext/v4n4/3.pdf},
  abstract = {TIn earlier days of humanity when there was no currency goods and services were exchanged through barter system1. Gold and other valuable metals were also exploited as medium of exchange. With the invent of paper currency (PC) trade transactions became very easy. In spite of its advantages paper currency has three major flaws: first, the holder of currency is always at risk due to lawlessness culture in many societies of the world. Second, counterfeit currency is a big issue for governments and currency issuing authorities. Third, printing and transferring PC causes heavy costs. Private organizations have introduced digital currencies like bitcoin2 but none of them is guaranteed or governed by any government. That is why they are used in a closed environment against particular commodities. In this paper we introduce implementable digital currency system at larger scale, i.e., at state level. Our proposed digital currency is issued and controlled by the state or central bank of the country and we name it official digital currency (ODC). The process of issuing ODC is almost same as that of conventional paper currency (CPC) but the controlling system is different. ODC coins or notes are digitally produced hence eliminate the need for any metal or paper. Here we propose the system for issuing, distributing and controlling ODC. The proposal also explains the country-wide process of day to day transactions in trade through ODC. Our proposed currency aims to be the real currency at macro and micro levels. The ODC is more secure, reliable, economical and easy to use. In this paper 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 publication.},
}