The Legal Characterization and Application of Private Law of Legal Digital Currency in China

Technological progress and economic development promote the emergence of digital currency, and make it different from other "currency", which also brings the dispute about the legal characterization and legal application of Chinese legal digital currency. Compared with Hayek's "theory of the denationalization of money", "the State Theory of Money" is more suitable for China's national conditions. Therefore, legislation should be promoted as soon as possible to recognize the status of legal currency of Chinese legal digital currency, and further clarify that it is a special property, subject to the relevant rules of property law. However, the application of specific private law rules still needs to be flexibly adjusted according to the particularity of Chinese legal digital currency: the alternation of real right of legal digital currency should be based on the delivery of private key; the "possession confers entitlement" rule does not apply to legal digital currency; and the bona fide acquisition of legal digital currency should adopt more moderate requirements.