Patent ID: 8712918

Claim:
A method for effecting currency transactions between a first user and a second user over a network, the method comprising the following steps: A) a Currency Issuing Authority trusted server (CIAS) receives payment instructions from said first user to transfer a first monetary sum to said second user, wherein the CIAS is programmed to receive payment instructions from said first user only over a network connection between said first user and a Currency Issuing Authority (CIA); B) the CIAS accesses electronic currency in a first active electronic currency area located in a first data storage area, said electronic currency having been provided by said CIA; C) the CIAS manipulates the electronic currency located in said first active electronic currency area to withdraw a second monetary sum therefrom by (i) deleting electronic currency that equals the second monetary sum and/or (ii) generating a record containing information on the amount withdrawn that equals the second monetary sum and/or (iii) generating a record containing information on the amount of electronic currency remaining in said first active electronic currency area after withdrawing the second monetary sum; and D) the CIAS creates new electronic currency corresponding to a third monetary sum.