Study On Legal Issues Concerning Virtual Currency

Virtual Currency is the ramification of the development about the Internet Economy, and it is the new development of manifestation of the currency in the network background. As a new-style payment instrument, Virtual Currency has many distinct characteristics. Characteristics and gradual development of Virtual Currency also led to numerous legal issues.This paper is work on research of Virtual Currency which can act as universal equivalent in the virtual world, and study legal relationship around the Virtual Currency systematically based on determining the legal nature of the Virtual Currency. It will investigate the legal norm of Virtual Currency, study on legal aspects of the Virtual Currency Internationalization and to bring forward views of theory or legislative proposals. The paper is divided into five chapters as follow:The first chapter defines the concept of Virtual Currency, and classifies the Virtual Currency from the perspective of the theory and practice of Virtual Currency. Also it will tell the difference between Virtual Currency, Electronic Money and Virtual Property. It will indicate the characteristics of Virtual Currency and indicate the current legislation basing on the contrast of extra-territorial legislation.What is more, summarized Legal Issues concerning Virtual Currency.Chapter Two will discusses the legal status and legal elements of Virtual Currency in practice. And then it will talk about the legal attribute of Virtual Currency and pointing out the reasons why it is difficult to determine the property character of Virtual Currency. Subsequently, it will demonstrate the property attribute of Virtual Currency in demonstration, basing on the characteristic of Virtual Currency. Finally, it will clarify the quasi-property attribute of Virtual Currency and analyze the representation of quasi-property attribute of Virtual Currency.Chapter Three is about legal relations of Virtual Currency. It will analysis the three elements of the legal relationship of the Virtual Currency. The subject, one of the three elements, is including the subject of issuing, using and supervising. According to the characteristics of Virtual Currency and the basic principles of Jurisprudence, the object of legal relation of Virtual Currency is the virtual currency but not transferring of a small amount of capital. And it will analyze the content of legal relation of Virtual Currency encircling right and obligation of the subjects talked above. Chapter Four, basing on the impact of the Virtual Currency, will discus the necessity of regulating Virtual Currency legal norms, combining with its risks. In the principle of regulating the development, currency security, interests of the citizens and the flexibility to coordinating, this paper will put forward some suggestion of legislation about Virtual Currency issue and circulation. Also it will offer some proposal abut the legal supervision and building up the mechanism of Virtual Currency dispute legal prevention.The last chapter will study the legal issues of internationalization of the Virtual Currency. It will focus on the plights which Virtual Currency faced in the process of internationalization on the basis of analyzing the reasons for the internationalization of Virtual Currency. And it will take some proposals on resolving the legal difficulties of Virtual Currency internationalization.