Research On The Legal Attribute And Supervisory Path Of Digital Currency

The continuous innovation and development of science and technology not only bring convenience,comfort,and fast lifestyle to modern society but also profoundly change the operation mode of modern society.With the rise of digital currency,the current world monetary system is also experiencing unprecedented new impact.The rapid development of digital currency has attracted the attention of all countries in the world.On the one hand,governments are working hard to formulate effective regulatory measures.On the other hand,governments,central banks,and multinational enterprises have begun to study and launch their digital currency.China has banned domestic digital currency projects and related transactions through three documents,including the notice on preventing bitcoin risks.Since the birth of digital currency,it has been accompanied by high risk and high possibility of fraud.However,with the gradual maturity of digital currency development and the gradual improvement of regulatory measures,the timely and gradual opening of digital currency projects and related transactions can not only raise funds for promising enterprises and help them grow rapidly but also play a vital role in further expanding the socialist market economy and stimulating economic vitality.Therefore,this paper takes digital currency as the topic.It summarizes the latest progress of digital currency research in the world.By combing the concepts of digital currency and its related approximations,digital currency is a kind of payment method which is presented and stored in digital form,has a part or all of the monetary functions of modern entity,and has the characteristics of decentralization,anonymity,untraceability,editability and so on.According to the different characteristics of the things linked to digital currency,digital currency is divided into four categories:closing currency,material linked currency,banknote linked currency,and initial coin offer(ICO).At present,the mainstream tendency of dealing with the legal attribute of digital currency can be divided into the following tendencies: currency processing tendency,commodity processing tendency,data processing tendency,similar equity processing tendency,classification processing tendency,and securities processing tendency.Through in-depth analysis of the above-mentioned disposition,currency processing tendency does not meet the functional theory of currency,and digital currency does not have the characteristics of legal compensation that national sovereign currency has;in the commodity processing tendency,the digital currency does not have the income power of real right;data processing tendency fails to grasp the essence of digital currency;similar equity processing tendency is narrow;classification processing tendency blurs the legal attribute of digital currency;securities processing tendency includes all existing digital currency types to the greatest extent.Therefore,the legal attribute of digital currency should be regarded as securities.Finally,based on identifying the legal attribute of digital currency securities,the necessity of regulatory agencies and supervision is clarified,and the regulatory framework of digital currency is constructed based on the right framework of securities.