Electronic cash has been playing an important role in electronic-commerce. One of the desirable characteristics is its traceability, which can prevent money laundering and can find the destination of suspicious withdrawals. In this paper we develop a new scheme for untraceable electronic cash, in which the bank involvement in the payment transaction between a user and a receiver is eliminated. The user withdraws electronic "coins" from the bank and uses them to pay to a receiver. The receiver subsequently deposits the coins back to the bank. In the process the user remains anonymous, unless s/he spends a single coin more than once (double spend). The security of the system is based on DLA (Discrete Logarithm Assumption) and the cut-and-choose methodology.