the Full Version of the Extended Abstract that appears in the Proceedings of the 18th International Conference on Practice and Theory in Public-Key Cryptography (PKC ’15) (30 March – 1 April 2015, Gaithersburg, Maryland, USA) Jonathan Katz Ed., Springer-Verlag, LNCS 9020, pages 77–100. Divisible E-Cash Made Practical S´ebastien Canard1, David Pointcheval2, Olivier Sanders1,2 and Jacques Traor´e1 1 Orange Labs, Applied Crypto Group, Caen, France 2 ´Ecole normale sup´erieure, CNRS, INRIA, and PSL, Paris, France Divisible E-cash systems allow users to withdraw a unique coin of value 2n from a bank, but then to spend it in several times to distinct merchants. In such a system, whereas users want anonymity of their transactions, the bank wants to prevent, or at least detect, double-spending, and trace the defrauders. While this primitive was introduced two decades ago, quite a few (really) anonymous constructions have been introduced. In addition, all but one were just proven secu...