中国证券报
Chinese Securities Agency
□本报记者 徐昭
## Reporter Seo-suk.
5月以来，比特币又开启一波疯狂涨势。尤其是8月，比特币价格一路飙升，从每枚18000元左右一度突破30000元，创下历史新高。数据显示，7月1日到7月31日，国内比特币交易成交额为301.7亿元，占全球总交易量的30％。
In August, in particular, Bitcoin prices surged from about $18,000 to an all-time high of $30,000. Data show that between 1 July and 31 July, domestic Bitcoins traded at $30.17 billion, or 30% of the global total.
专家认为，比特币因其可匿名、不受国界限制、不易追踪等特性，往往被不法分子利用，成为洗钱、传销、走私等违法犯罪活动的工具。监管部门应尽快建立比特币交易平台投资者的实名审查制度，加大对比特币交易平台违规行为的惩治力度，对部分严重违规的比特币交易平台进行取缔。
According to experts, Bitcoin is often used by outlaws as a tool for criminal activities, such as money-laundering, distribution, and smuggling, because it is anonymous, border-free, and untraceable. Regulatory authorities should establish a system of real-name scrutiny of investors in the Bitcoin trading platform as soon as possible, increasing penalties for violations of the Bitcoin trading platform and banning some of the Bitcot trading platforms for serious violations.
交易风险大
transactional risk
国内比特币交易情况监测报告显示，2017年上半年，全球主要虚拟货币市值总和由177亿美元增长至1000亿美元。其中，比特币市值增长2.7倍。7月1日至31日，比特币市值在310亿－470亿美元区间震荡。以7月31日市值计算，全球主要虚拟币种市值中，比特币市值占比51％，其次是以太坊和瑞波币，分别占20％和7％，三者合计占比近八成。
In the first half of 2017, the combined market value of the world’s major virtual currencies increased from $17.7 billion to $100 billion. Of this, the market value of Bitcoins grew 2.7 times. From 1 to 31 July, the market value of Bitcoins was $31 billion-$47 billion in interregional shocks. At 31 July’s market value, the market value of the world’s main virtual currencies was 51 per cent, followed by Taipan and Ripau, 20 per cent and 7 per cent, respectively, and three together, nearly 80 per cent.
7月1日至31日，国内比特币交易成交额301.7亿元，环比下降11.6％，占全球总交易量30％。通过分析国内各交易平台的交易规模，OKCoin币行（占比22.5％）、比特币中国（占比19.7％）和火币网（占比18.2％）三个交易平台的交易量最大，三者合计占比达60％。
From 1 to 31 July, domestic Bitcoin transactions were traded at $30.17 billion, representing a 11.6 per cent decline in the ring, or 30 per cent of total global transactions. By analysing the size of transactions in domestic trading platforms, the largest transactions were in the three trading platforms: OKCoin (22.5 per cent), Bitcoin China (19.7 per cent) and the Democratic Republic of the Congo (18.2 per cent), which together accounted for 60 per cent.
二级市场兑换交易是比特币生态链条的重要环节，参与用户多，交易规模大。同时，比特币交易也伴随着一定风险，包括价格波动、市场操纵、信息泄露、交易平台被盗、跑路等。
Second-tier market exchange transactions are an important link in the Bitcoin ecological chain, involving a large number of users and transactions on a large scale. At the same time, bitcoin transactions are accompanied by risks, including price fluctuations, market manipulation, information leaks, stolen trading platforms, and running routes.
“作为一种所谓超国家‘货币’，比特币虽然在虚拟空间中运行，但其暴涨可能会增加主权国家的经济金融体系的系统性风险。”中央财经大学金融法研究所所长黄震指出，如在外汇管制、洗钱、避税等方面，目前已经存在利用比特币逃避外汇管制、洗钱逃税的行为。
“As a so-called supranational `currency', Bitcoin, while operating in virtual space, could increase the systemic risk to the economic and financial systems of sovereign States.” As the Director of the Financial Law Institute of the Central University of Finance and Economic Affairs, the earthquake pointed out, there is already a practice of using Bitcoin to evade foreign exchange controls and money-laundering tax evasion, for example, in the areas of exchange control, money-laundering and tax avoidance.
黄震强调，在比特币的交易流转方面，国内一些虚拟货币交易平台存在很多不规范的地方，特别是有的平台存在资金池、杠杆资金、做虚拟盘的现象，甚至有的组织和团队持有大量比特币，存在操纵市场或内幕交易的金融风险。
The earthquake emphasized that there are many irregularities in some of the country's virtual currency trading platforms with respect to the flow of transactions in bitcoin, in particular the existence of financial pools, leverage funds, virtual chassis and even large amounts of bitcoins held by organizations and teams, and the financial risk of manipulation of markets or insider transactions.
国家互联网金融安全技术专家委员会日前发布报告指出，在虚拟货币市场中存在恶意炒作、价格剧烈波动等系列问题，且为洗钱、恐怖融资等活动提供了便利。
A recent report issued by the National Technical Expert Committee on Internet Financial Security noted the existence of a series of issues in the virtual currency market, such as malicious speculation and high price volatility, and the facilitation of money-laundering, terrorist financing, etc.
监管漏洞依然存在
regulatory loopholes still exist
业内人士指出，犯罪分子利用加密数字货币（主要是比特币）进行洗钱、敲诈（数据泄露）、勒索（DDOS攻击的威胁）等犯罪行为。欧洲刑警组织评估报告指出，全球3％的洗钱活动是使用加密数字货币进行的。
According to industry sources, criminals use encrypted digital currency (mainly Bitcoin) for money-laundering, extortion (data leaking), extortion (the threat of DDOS attacks), etc. The Europol assessment report states that 3 per cent of money-laundering worldwide is carried out using encrypted digital currency.
今年年初，人民银行对比特币交易平台开展现场检查发现，北京的部分平台未经批准擅自开展融资业务、未充分履行反洗钱义务。
At the beginning of this year, an on-site inspection of the Bitcoin trading platform of the People's Bank found that some of the platforms in Beijing operated without authorization and did not fully comply with their anti-money-laundering obligations.
此外，目前国内比特币平台高达数十亿元的客户资金缺乏第三方存管，客户资金面临“跑路”风险。近期，央行在对北京地区主要交易平台的现场检查中发现，火币网和OKCoin币行均利用投资者充值形成的沉淀资金购买理财产品，合计约10亿元人民币。
In addition, there is currently a lack of third-party funds for customers with billions of dollars on the country’s Bitcoin platform, and there is a “runway” risk for clients’ funds. In a recent on-site inspection of major trading platforms in Beijing, the Central Bank found that both the currency network and the OKCoin line used investors’ deposit funds to purchase their property, amounting to about RMB 1 billion.
业内人士指出，基于风险考虑，大部分国家都将比特币交易纳入监管体系。美、日、德、加、澳等国承认其合法性，并出台监管规则，而俄、泰、印尼等国认定比特币交易活动非法。
Industry points out that most countries incorporate Bitcoin transactions into the regulatory system on the basis of risk considerations. Countries such as the United States, Japan, Germany, Ghana, and Australia recognize their legitimacy and introduce regulatory rules, while countries such as Russia, Thailand, and Indonesia consider Bitcoin transactions illegal.
我国不允许金融或支付机构开展与比特币相关业务，也不允许其作为货币流通。各国政策仍不明确，也可能对兑换价格造成剧烈波动。
Financial or payment institutions are not allowed to carry out operations related to bitcoin, nor are they allowed to circulate as currencies. National policies remain unclear and can cause significant fluctuations in exchange prices.
“目 前，各国监管当局不大会承认比特币作为货币的属性。对监管层而言，比特币最大的问题是，它有可能被利用来洗钱或者从事不正当交易等。”全国人大财经委副主 任委员吴晓灵认为，现在加密货币ICO的概念比较热，但其中很多脱离了分布式记账这样原本的运营规范，从而产生误导公众、发生庞氏骗局的可能性。
“Foresee, national regulatory authorities do not recognize bitcoin as a monetary attribute. The biggest problem with bitcoin at the regulatory level is that it may be used to launder money or engage in illicit transactions.” According to Wu Xiaoling, Vice-President of the National Commission for Human and Economic Affairs, the concept of encrypted currency ICO is now hot, but many of it departs from the original operating norms of distributed accounting, thus creating the possibility of misleading the public and leading to ponzi fraud.
多措并举完善监管
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“虽然上半年人民银行对比特币市场及平台乱象加强了监管，但依然存在诸多监管空白。”北京邮电大学教授杨义先表示，应尽早确立比特币的监管框架，确定监管主体，明确业务规则，把比特币装进制度和监管的笼子里。
“Despite the increased regulation of the Bitcoin market and platform of the People's Bank in the first half of the year, many regulatory gaps remain.” Professor Yang Yi, of the Beijing Post and Telecommunications University, said that the regulatory framework for Bitcoin should be established as soon as possible, that the subject matter of the regulation should be identified, that the rules of business should be clarified and that Bitcoin should be placed in a cage of institutions and regulations.
黄震认为，面对比特币的疯狂走势，投资者要理性看待，切忌盲目跟风，避免高位接盘。投资者必须加强学习，研究投资标的及其交易风险，不做不了解的领域的投 资。交易平台应加强合规建设、投资者教育和风险管理，定期进行自查和报告风险；机构团队应加强信息披露，向安全化、透明化、规范化方向发展。
Investors need to learn, study investment targets and their transactional risks, and not invest in areas they do not know. Trade platforms should strengthen compliance, investor education, and risk management, and self-censorship and risk reporting should be carried out on a regular basis; and institutional teams should strengthen information disclosure, moving in the direction of security, transparency, and regulation.
黄震建议，监管层应介入比特币的监管，适当引入监管科技加强对比特币、区块链进入的检测和预警，尽快把比特币系统性风险控制在合理的范围内。
The yellow earthquake suggested that the regulatory level should be involved in the regulation of Bitcoin, with the appropriate introduction of regulatory technology to enhance detection and early warning of the entry of bitcoin and block chains, and to keep Bitcoin's systemic risks within reasonable limits as soon as possible.
“央行等有关部门可以定期发布风险警示，给市场和投资者进行风险提醒。”黄震补充道，还可以支持地方政府创新运用监管沙盒等监管科技，把比特币闭环生态纳入监管沙盒之中，进行沙盒试验和风险测试。
“A risk alert can be issued periodically by the central bank and other authorities to warn the market and investors of the risks.” The yellow earthquake complemented by support for local governments in innovative use of regulatory techniques such as regulatory sandboxes, the incorporation of Bitcoin closed ecology into regulatory sandboxes, sandbox trials and risk tests.
此外，互联网安全专家建议，相关部门应明确比特币交易平台的监管定位与监管分工，尽快建立比特币交易平台投资者的实名审查制度，实现交易和兑换过程透明化。同时，加大对比特币交易平台违规行为的惩治力度，对部分严重违规的比特币交易平台进行关停取缔。
In addition, Internet security experts suggested that authorities should clarify the regulatory location and division of labour of the Bitcoin trading platform, establish a real-name review system for Bitcoin trading platform investors as soon as possible, and make transactions and exchange processes transparent. At the same time, efforts should be made to increase the penalties for violations of the Bitcoin trading platform and to shut down some of the bitcoin trading platforms that are seriously infractions.
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