Research On Legal Supervision Of Digital Money In China Under The Background Of ICO Prohibition

Digital money is the product of financial innovation,but the update of law often lags behind innovation.ICO,which is free from the current legal,financial and Internet regulatory framework,has the characteristics of low threshold,fast issuance and high financing.Aiming at the reality of ICO financing speculation,bubbles and risk accumulation,the seven departments of the central bank and the Banking Regulatory Commission jointly issued the notice on guarding against the risk of issuing currency financing(hereinafter referred to as the ICO ban)in September 4,2017,clearly pointing out the essence of ICO.It is a kind of unauthorized illegal public financing,forbidding any organization or individual to illegally engage in ICO financing activities of token issuance.Organizations and individuals that have completed ICO financing should make arrangements for clearance,so as to protect investors' rights and interests reasonably and properly handle risks.Therefore,in the context of the ICO ban,how to develop the digital money market and how to effectively supervise it at the legal level deserve our in-depth consideration and discussion.Based on the precondition of the scientific and technological progress and the gradual perfection of the theory of digital currency,this paper explores the causes and inevitability of the emergence of digital currency.Define and distinguish the similar concept of digital currency,analyze the monetary function of digital currency to judge the legal attributes of digital currency,and demonstrate the necessity of strengthening the legal supervision of digital currency in China under the positive and negative impact of the ICO ban.Aiming at GBL platform runaway case and MT.Gox bankruptcy case,this paper deeply analyses the legal risks existing in digital currency in China,including the legal risks faced by consumers and investors,the legal risks existing in digital currency trading platform,and the risk of money laundering crime caused by digital currency.Combining with the relevant regulations of digital currency which have been promulgated in our country,these problems can not be solved very well,which lays a foreshadowing for how to supervise and supervise our country in the future.From the perspective of external inspection and comparison,this paper expounds the positioning,regulatory attitude and regulatory methods of digital currency inrepresentative countries.On this basis,it actively explores and draws lessons from them,and tries to break through the dilemma of legal supervision in China.Finally,on the basis of analysis and synthesis,this paper discusses how to construct the legal supervision system of China's digital currency and further clarify the focus of supervision.Emphasizes the necessity of supervision of digital currency in the progress of the times,and strives to put forward its own suggestions on the supervision of digital currency in an appropriate range.