Research On Legal Regulation Of Virtual Currency

With the rapid development of the Internet,virtual money,represented by Bitcoin,has been active in market transactions since 2008.People begin to realize the value and utility of virtual money and apply it to different fields.The anonymity of virtual currency issuance and the borderless circulation make it widely spread.However,with the expansion of scale and market,many problems have arisen in the field of supervision and law,such as its vulnerability to criminal use as a tool for money laundering,terrorist financing,fraud and other crimes.At present,China's prudent attitude towards virtual money clearly prohibits the existence and operation of the relevant market of virtual money,and simple prohibition also curbs market financial innovation.Constructing a relatively perfect legal regulation system and strengthening the risk supervision of virtual money will help to create the value of virtual money better,improve the financial supervision system and realize the security and stability of our financial market.This paper is mainly divided into three parts.The first part draws the definition and classification of virtual currency through the analysis of the development of virtual currency in and out of the country,combining with the existing literature;the second part studies the legal regulation of the issuance,circulation and supervision of virtual currency,and summarizes the problems that need to be solved urgently in the development of virtual currency legalization;the third part analyses the above-mentioned virtual currency.Combining with the relevant foreign legals regulation and supervision strategies on virtual currency,this paper clarifies the necessity of legalization of virtual currency in China,recognizes the monetary nature of virtual currency,stipulates the payment and settlement functions of virtual currency,and constructs the framework of issuance,circulation and supervision of virtual currency by private issuance and by central bank issuance in China.The author thinks that in the era of rapid development of information technology,combined with the development status of virtual currency and drawing lessons from the legal regulation results of foreign virtual currency,the legal issuance,circulation and supervision system of virtual currency belonging to the new era of our country can be constructed,which can provide reference for improving the legislation of virtual currency in our country and sharing the world's big cake of digital finance.It is of great significance.