A method and system for realizing issuance, circulation and recycling of an electronic currency. A bank party issues an electronic currency by means of freezing credit, cash, funds, etc. and according to a proportion equivalent to circulated legal tender; and a user party uses a multi-party authentication method when using the electronic currency for payment, and only when the minimum number of factors involved in the authentication are authenticated, a payment success is confirmed, thereby realizing the circulation of the electronic currency. The system comprises a bank party and a user party. The bank party recycles an electronic currency according to an issuance rule, the user party exchanges the electronic currency into cash at the bank party, and at the same time, the bank party recycles the equal amount of electronic currencies. The present invention realizes a safe, convenient, transparent, inter-bank, cross-border and cross-currency secure and efficient electronic currency and payment.
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