Research On Regulating Virtual Currency Under International Law

With the rapid development of technology,our economy and society is experiencing a wide-ranging and deep-going transformation.Virtual currency has been well-known since 2009 when Bitcion was born.Virtual currency was based on the technique named Block Chain and relies on the Internet.It has the advantages of high efficiency,convenience,transnational,anonymity and low cost and etc.Although virtual currency has many advantages,it’s also troublesome.In order to guarantee the safety of the finance,many countries begin to regulate virtual currency.However,they take different definition of the legal nature of virtual currency,and the specific regulatory measures are also inconsistent,which causes the chaos situation of the virtual currency regulation.It’s not conducive to the development of virtual currency.Under the background of globalization,therefore,international regulation of virtual currency is inevitable.Firstly,this paper tries to define the concept of virtual currency and discuss the necessity to regulate it by law.Then through the comparative analysis of the legal supervision practices of the United States,Canada,Japan and the European Union,this paper finds some problems that should be paid attention to in the international regulation of virtual currency and then discusses the construction of specific systems.Finally,this paper puts forward some related suggestions according to the existing problems in China,and considers that China should take an active part in the regulation of virtual currency under international law.Focusing on the international regulation of virtual currency,this paper processed in four parts.Chapter Ⅱ talks about the concept of virtual currency.It compares virtual currency with other relevant concepts to define it,sorts out the types of virtual currency,and analyzes the reasons for regulating virtual currency by law.Chapter Ⅲ analyses the regulation experiences of virtual currency at the country level.By carding the regulation practices of the United States,Canada,Japan and the European Union,it finds that that there is currently a regulatory inconsistency and summarizes the regulatory experience of re-legislating or revising the existing laws to regulate virtual currency and establish long-term regulatory mechanism.Chapter Ⅳ discusses how to construct the international regulation system of virtual currency.In order to regulate virtual currency by international law,the legal nature of virtual currency can be defined as both monetary and property.IMF and FATF can be selected as the special regulator.They can regulate virtual currency through existing international treaties and carry out active international cooperation.Chapter Ⅴ tries to explore the legal regulation of virtual currency in China.On the one hand,China should strengthen legislation about virtual currency,regulate virtual currency trading platforms and prevent relevant risks.On the other hand,China should take active part in international regulation of virtual currency,strengthen international cooperation and participate in the formulation of regulatory rules.In order to promote the development of virtual currency and give impetus to world economic development,the international regulation system of virtual currency should be established as soon as possible.At the same time,China should also take real legal measures to regulate virtual currency,actively participate in the international regulation of virtual currency,and seize the opportunity of dev elopment.