经历寒冬之后，以比特币为首的加密货币似乎开始“回暖”。
After the cold winter, the encrypted currency headed by bitcoin appears to have begun to “heated back”.
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去年年底，比特币曾飙升至20000美元左右，但在今年1月暴跌至5922美元。不过，比特币4月再次跳涨36%，一度达到9800美元左右，创去年12月以来最大的涨幅。
At the end of last year, Bitcoin jumped to around $200, but fell sharply to $5922 in January. However, Bitcoin jumped again by 36% in April, reaching at one time around $9,800, the largest increase since December last year.
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与此同时，加密货币也均出现集体大涨，以太币（Ethereum）在过去7天上涨17.69%，瑞波币（Ripple）则上涨3.31%，整体加密货币的市值再度超过4000亿美元。
At the same time, there has been a collective surge in encoded currencies, with 17.69 per cent in Etheeum over the past seven days, and 3.31 per cent in Ripple, with the overall encoded currency again exceeding $400 billion in market value.
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来自CoinMarketCap 截图截至世界标准时间：5月4日4:30 AM
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值得注意的是，根据汤森路透最新公布的调查，有五分之一的金融机构考虑未来12个月交易加密货币。
It is worth noting that according to the most recent published survey by Townsend, one fifth of financial institutions 熊市的持续已激起了部分投资者抄底的欲望。
In the case of the partial recovery of the encrypt currency price, there are signs of “heating” in the market, as the last round of decline in the encrypt currency price is now more than four months of adjustment, 即使他们从来不相信加密货币这种资产类别，他们也能敏锐地捕捉这是个获取的超额收益的机会。”阿里·保罗说。
"I think this is inevitable from a few points of view. 目前来看，加密货币更多的是泡沫，最后肯定会被筛掉很多。
The Secretary-General of the Academic Council of the National Financial and Development Laboratory, in a direct traffic interview with the Sino-News Agency, said currently looks like the encrypted currency is more bubbles and is bound to be sifted.
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程炼进一步指出：“如果其中一些能够留存下来甚至获得进一步的发展，也依赖于特别的经济与社会环境，其货币地位要得到政府承认还是很困难的。”
It is further stated that “it is difficult for a Government to recognize its monetary position if some of them are able to survive and even to achieve further development, and are dependent on a special economic and social environment”.
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根据路透社2017年点算，世界上有大约1400多种加密数码货币，其中以2008年诞生的比特币市值最高，以太币和瑞波币紧随其后。
According to Reuters in 2017, there are more than 1,400 encrypted digital currencies in the world, with the highest market value of bitcoins born in 2008, followed by Tai and Ripoons.
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科技投资银行GP Bullhound在报告中预测，加密数字货币会在未来12个月经历90%的修正，“只有极少数公司能够幸存下来”。
In its report, the Science and Technology Investment Bank GP Bullhoud predicts that encrypted digital currencies will undergo 90 per cent revision over the next 12 months, “only a handful of companies will survive”.
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GP Bullhound总监塞巴斯蒂安·马克沃斯基（Sebastian Markowsky）解释说，机构投资者可能会进入市场并推高价格，更多的散户投资人也可能会进入市场，以更高的价格购买数字加密货币。随着市场在今年晚些时候开始大幅下跌，这将加剧抛售造成的“恐慌”和最终的回调。
GP Bullhound’s director, Sebastian Markowski, explained that institutional investors could enter the market and push prices up, and that more bulk investors could enter the market to buy digitally encrypted currencies at higher prices. As the market began to fall sharply later this year, this would exacerbate the “hysteria” and eventual return from the sale.
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“股神”沃伦·巴菲特（Warren Buffett）同样也不看好加密货币。
>'Stroms' Warren Buffett also does not look well for encrypted currency.
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巴菲特在今年1月接受CNBC采访时曾表示：“就加密货币而言，总体而言，我几乎可以肯定地说，它们将迎来一个糟糕的结局，但我不知道它会什么时候发生，还会出现什么别的事情。”
In an interview with the CNBC in January this year, Buffett said: “In general, as far as encrypted money is concerned, I can almost certainly say that they will have a bad ending, but I don't know when it will happen and what else will happen.”
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从监管层面来看，程炼指出，中央银行希望掌握关于货币流动的信息，因此并不青睐匿名货币的形式，因此基于货币与监管当局的态度，这类去中心化的加密货币不会有太大的发展前景。
At the regulatory level, it has been pointed out that central banks do not favour anonymous forms of currency because they want to have information on currency flows, and therefore, based on the attitude of monetary and regulatory authorities, such decentralized encrypted currencies do not have much development prospects.
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风险有多大？
What's the risk?
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加密货币一直遭人诟病的，就是可能被用于洗钱和恐怖主义融资等。
Encrypted money has been stigmatized and is likely to be used for money-laundering and terrorist financing, among other things.
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国际货币基金组织（IMF）发布的最新《全球金融稳定报告》指出，加密资产受到欺诈、安全漏洞和运营失败的影响，且牵涉到非法活动。目前，加密资产似乎并未造成金融风险，但是如果它们的使用更为广泛却没有适当的保护措施，那么就可能导致这种风险发生。
The latest Global Financial Stability Report issued by the International Monetary Fund (IMF) states that encrypted assets are affected by fraud, security gaps, and operational failures, and involve illegal activities. For the time being, encrypted assets do not appear to pose financial risks, but if they are used more widely and without adequate protection measures, they may result in such risks.
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当前，世界各地对加密货币使用和交易的监管政策大部分处于摸索阶段，各国的监管政策也迥异。但总体而言，监管更趋严格。
Most of the world’s regulatory policies for the use and trade of encrypted currencies are currently at the exploitation stage 是否应该为这些新的资产类别发展出新政策的问题要由国会而非监管机构决定。
However, Jancarlo pointed out that the question of whether 对加密货币的监管程度，主要看政府对风险的容忍程度。
the degree of regulation of encrypted currency by depends mainly on the government's tolerance of risk .
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“有些国家本身对于金融投机行为比较宽容，对加密货币的监管也就不那么严厉，这与本国的经济结构以及政府对于风险的偏好有很大的关系。中国正处于压杠杆和防风险的阶段，所以对金融泡沫和其他金融风险因素有比较大的警惕。”
“Some countries themselves are more tolerant about financial speculation and less stringent regulation of encrypted currencies, which has a strong bearing on their economic structure and government preferences for risk. China is in a phase of leverage and risk prevention, and is therefore more vigilant about financial bubbles and other financial risk factors.”
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对加密货币来说，目前也有一个利好。据当地媒体透露，法国国务委员会决定改变加密货币资本收益的分类，从而将税率从高达45%降至19%的固定税率。
There is also an advantage for encrypted currency. According to the local media, the French Council of State decided to change the classification of encrypt currency capital gains, thereby reducing the tax rate from up to 45% to a fixed rate of 19%.
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IMF总裁拉加德在《全面看待加密资产》一文中指出，明智地看待加密资产，我们就能做到既不盲目批判也不盲目追捧。
Managing Director Lagarde of the International Monetary Fund (IMF), in his article " A comprehensive view of encryptable assets ", said that if we look wisely at encrypted assets, we can achieve neither blind criticism nor blind promotion.
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“就像网络时代出现的一些技术改变了我们的生活一样，生存下来的加密资产可能会对我们储蓄、投资和支付账单的方式产生重大影响。”
“Just as some of the technologies that have emerged in the cyber age have changed our lives, the existence of encrypted assets may have a significant impact on the way we save, invest and pay our bills.”
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