Creating and managing private electronic currency

A system for transacting with a payment recipient using a mobile wallet operating on a computing device, the system comprising:

• at least one processor;
• and
• at least one storage device comprising instructions, which when executed by the at least one processor, configure to at least one processor to perform operations comprising:
• registering, by the mobile wallet, with a network associated with a financial institution (FI), the network including a number of registered members including the payment recipient and the mobile wallet;
• receiving, by the mobile wallet, a private e-currency from an FI system associated with the FI, the private e-currency being a digital currency that is managed using a blockchain, guaranteed by the financial institution to be convertible into a government-backed currency and only available for transactions with members of the network, the private e-currency being associated with a private e-currency (PE) address;
• establishing, by the mobile wallet, communication with the payment recipient;
• receiving, by the mobile wallet, a payment recipient address from the payment recipient;
• sending, by the mobile wallet, a transaction request for paying the payment recipient, the transaction request including a payment amount of private e-currency, the payment recipient address and a PE address, wherein the payment recipient can, using the blockchain, confirm that the payment amount is stable;
• and
• receiving, by the mobile wallet, a confirmation or a denial of the transaction request from the payment recipient.

A machine-readable medium comprising instructions thereon that, when executed by a processor unit, cause the processor unit to execute operations for transacting with a payment recipient using a mobile wallet operating on a computing device, the operations comprising:

• registering, by a mobile wallet, with a network associated with a financial institution (FI), the network including a number of registered members including the payment recipient and the mobile wallet;
• receiving, by the mobile wallet, a private e-currency from an FI system associated with the FI, the private e-currency being a digital currency that is managed using a blockchain, guaranteed by the financial institution to be convertible into a government-backed currency and only available for transactions with members of the network, the private e-currency being associated with a private e-currency (PE) address;
• establishing, by the mobile wallet, communication with the payment recipient;
• receiving, by the mobile wallet, a payment recipient address from the payment recipient;
• sending, by the mobile wallet, a transaction request for paying the payment recipient, the transaction request including a payment amount of private e-currency, the payment recipient address and a PE address, wherein the payment recipient can, using the blockchain, confirm that the payment amount is stable;
• and
• receiving, by the mobile wallet, a confirmation or a denial of the transaction request from the payment recipient.