Electronic currency and authentication system and method

A method of validating and circulating electronic currency originated by electronic currency issuers, the method comprising:

• via a first mobile network operator server associated with a first mobile network operator, in communication with both a second mobile network operator server associated with a second mobile network operator and a governing financial institution central bank,
• in response to receiving a message from an agent associated with the first mobile network operator that a cash deposit was received from a first mobile subscriber customer for deposit into the account of the first mobile subscriber customer,
• causing issuing of electronic currency in denominations of 1/100 into the account of the first mobile subscriber customer corresponding to the received cash deposit;
• attaching at least one electronic currency validator to the electronic currency,
• wherein the electronic currency validator includes a time stamp, a watermark and a serial number and is configured to,
• validate the electronic currency via the first mobile network operator in communication with the governing financial institution central bank, and
• validate the electronic currency for use in payment systems;
• receiving a request from the first mobile subscriber to send the electronic currency from the account of the first mobile subscriber to a second mobile subscriber associated with the second mobile network operator;
• sending the electronic currency and validator to the second mobile network operator server for deposit in the account of the second mobile subscriber to allow the second mobile subscriber to convert the electronic currency and withdraw the electronic currency equivalent as cash;
• and
• receiving notification of the retirement of the electronic currency validator via the governing financial institution central bank to remove electronic currency from circulation if the electronic currency is withdrawn by the second mobile subscriber customer.

A system comprising:

• one or more processors in a first mobile network operator server associated with a first mobile network operator, the first mobile network operator server being in communication with a second mobile network operator server associated with a second mobile network operator and in communication with a governing financial institution central bank via a network, and
• logic encoded in one or more non-transitory computer readable media for execution by the one or more processors and when executed operable to:
• receive a message from an agent of the first mobile network operator that cash was deposited by a first mobile subscriber;
• in response to the message, issue electronic currency in denominations of 1/100, equivalent to the deposited cash and attach an electronic currency validator, which includes a time stamp a watermark and a serial number, to the electronic currency;
• validate the electronic currency for use in payment systems;
• authenticate the electronic currency validator via the governing financial institution central bank;
• receive a message to send the electronic currency to a second mobile subscriber associated with the second mobile network operator;
• send the electronic currency and validator to the second mobile network operator for the second mobile subscriber to allow the second mobile subscriber to withdraw a cash equivalent of the electronic currency;
• and
• receive information regarding retiring the electronic currency validator from the governing financial institution central bank when the electronic currency is withdrawn.

A system comprising:

• one or more processors in a first mobile network operator server in association with a first mobile network operator in communication with a second mobile network operator server in association with a second mobile network operator and a government financial institution central bank;
• and
• logic encoded in one or more tangible media for execution by the one or more processors and when executed operable to:
• attach at least one electronic currency validator to electronic currency, where, the validator includes a time stamp, a watermark and a serial number and is configured to validate the electronic currency brought into circulation by an electronic currency issuer when a cash deposit is received for deposit into the first mobile customer's account administered by the electronic currency issuer;
• validate the electronic currency for use in payment systems;
• authenticate the electronic currency validator via the governing financial institution central bank;
• send the deposited electronic currency to an account of a second mobile customer of the second mobile network operator, in response to a received message from the first mobile customer to transfer the electronic currency, and
• receive information regarding a withdrawal of the electronic currency validator upon the electronic currency being removed from circulation, wherein the withdrawal is communicated by transmitting a withdrawal notification report via the second mobile network operator, from the governing financial institution central bank indicating that the electronic currency validator has been withdrawn from circulation.