The Legal Analysis On The Nature Of Virtual Currency

Virtual currency of China originated in the beginning of the 21st century. But in the following over the past decade, the problem of virtual currency in China was serious increasingly, and which aroused concern among the theory and practice fields in China. Actually, the study on the problem of virtual currency is still in its infancy worldwide. There is little research which can be referred. The author holds that the legislation should be the basis for the study on the problem of virtual currency. The base of study on the problem of the legitimacy of virtual currency is to define whether virtual currency is money.This article is divided into six chapters.The purpose of the first chapter is to study the legislation of virtual currency in China. It includes the factual basis of the legislation, the content of the legislation, the deficiency of the legislation and the influence on the judicial judgment.The main purpose of the second chapter is to study the current situation of the virtual currency. But firstly, this chapter explains the concept of virtual currency, the concept of high-powered virtual currency and the concept of low-powered virtual currency. Then it distinguishes the other concepts which are similar with the concept of virtual currency. The study on the current situation of virtual currency in China takes Q Coin Series as an example. The study includes the issue method of virtual currency, the service life of virtual currency, the using range of virtual currency, the exchangeability of virtual currency. The study on the foreign virtual currency takes Beenz as an example. The range of the study on Beenz is the same to the study on Q Coin Series.The main purpose of the third chapter is to explain the concept of money economically, from the term of"medium of exchange","store of value","unit of account". Meanwhile, this chapter analyzes the type of money, the relationship between money and money-substitutes, the relationship between money and coinage. Furthermore, this chapter takes Maria Theresa Thaler Silver Coin as an example.The fourth chapter solves the problems as follows: the implication of the legislation on money in China, the argument about whether virtual currency is money, the economic natural of virtual currency.In the fifth chapter, the author holds that high-powered virtual currency is illegal; low-powered virtual currency which should bought by high-powered virtual currency is also illegal. Other low-powered virtual currency is legal, which legitimate is based on the fact that this kind of low-powered virtual currency is the complement for Renminbi.The purpose of the sixth chapter is to predict the future of virtual currency in China. The author considers that high-powered virtual currency should change to internet money. Meanwhile, it is suggested that low-powered virtual currency should be supervised by the government.