新华社北京８月１７日电 （记者 吴雨）今年以来增长近４倍，半月飙升５０％，到底是何种“投资品”有如此诱人的增长率？近年来，我国比特币交易活跃，价格涨多落少，并从年初的一枚１０００美元左右一路飙升至４０００美元。随着比特币正在成为部分投资者的套利工具，风险逐渐蔓延至金融领域。
Xinhua Society’s power supply from Beijing on August 17 (Reporter Wu Rain) has grown nearly fourfold since this year, rising by 50% in half a month. What kind of “investment” has been so attractively growing?
７％的持有量却占全球交易量的８成 投机心理推高比特币风险
7% of holdings account for 80% of global transactions, and speculatory pushes bitcoin risk
８月以来，国内比特币价格持续攀升。根据国内几家比特币交易平台的数据显示，８月初，一枚比特币的价格在１８０００元人民币附近，半个月后，比特币价格已升至２８０００元附近，甚至一度超过２９０００元，涨幅超过５０％。
The price of domestic bitcoin has been rising steadily since August. According to data from several Bitcoin trading platforms in the country, the price of a bitcoin in early August was close to 18,000 yuan, and half a month later, the price of bitcoin had risen to around 28,000 yuan, or even more than 29,000 dollars at one time, an increase of more than 50 per cent.
随着比特币价格的不断攀升，国内比特币的投资者也越来越多。根据国内比特币交易平台数据统计，目前国内交易平台客户资金余额已高达数十亿元人民币，资产规模大于零的投资者超百万人。
As bitcoin prices rise, so does domestic bitcoin investors. According to data from the domestic Bitcoin trading platform, the balance of the domestic trading platform’s clients is now as high as billions of yuan, with over one million investors with assets larger than zero.
北京邮电大学教授杨义先表示，国内８０％以上的比特币投资者为了追求短期盈利，只有不到１４％的用户打算长期持有。“比特币的发展逐渐失去了其作为虚拟商品的特性，转而成为投资者追求短期利益的手段，被投资者用来交易以赚取买卖差价。”
Professor Yang Yijin, Beijing Post and Telecommunications University, said that less than 14% of domestic investors in bitcoin intended to hold them for long periods in pursuit of short-term profits. “The development of bitcoin has gradually lost its identity as a virtual commodity and has become a means for investors to pursue short-term interests and be traded by investors to earn a price difference.”
“在中国，比特币的持有量仅占全球总量的７％，但成交量却是国外的数倍，交易量占全球的八成以上，如此高的换手率凸显出部分人的投机心理。”中国社科院支付清算中心特约研究员赵鹞表示，比特币市场容量较小，没有涨跌幅限制，兑换价格容易被投机分子控制，价格暴涨暴跌引发的投机风险不容忽视。
“In China, Bitcoin held only 7 per cent of the global total, but traded several times abroad, with more than 80 per cent of the world's transactions, such a high turnover underscores the speculation of some of the people.” According to Zhao Xing, a fellow from the China Social Affairs Institute's pay clearing centre, Bitcoin has a small market capacity, has no upward and downward restrictions, exchange prices are easy to control by speculators, and the speculative risks associated with price booms and falls cannot be ignored.
目前，比特币的快速发展已引起国际上的高度关注，各国陆续出台立场和监管措施。２０１３年中国人民银行等五部委发布《关于防范比特币风险的通知》，将比特币定义为一种特定的虚拟商品，并要求各金融机构和支付机构不得接受比特币或以比特币作为支付结算工具，不得开展比特币与人民币及外币的兑换服务等。
At present, the rapid development of Bitcoin has attracted a high degree of international attention, with countries adopting positions and regulatory measures. In 2013, five ministries, including the People’s Bank of China, issued a Circular on Protection against Bitcoin Risk, which defines Bitcoin as a specific virtual commodity and requires financial institutions and payment agencies to refrain from accepting bitcoin or using bitcoin as a tool for settlement of payments and from conducting currency exchange services such as currency and renminbi and foreign currency.
比特币交易平台乱象丛生 风险逐渐向金融领域渗透
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。随着近几年比特币交易平台发展风生水起，比特币的风险产生了新变化，正逐步向金融领域传递。
Bitcoin, because of its anonymity, freedom from national borders, and lack of easy tracing, is often used by outlaws as a tool for criminal activities, such as money-laundering, distribution, smuggling, etc. With the development of the Bitcoin trading platform in recent years, the risk of bitcoin has changed and is gradually passing on to the financial sector.
“部分比特币交易平台将比特币包装成一种‘一本万利’的投资品，吸引投资者涌向交易平台，其中不乏私募基金等金融机构。”赵鹞介绍，通过金融机构之间的业务交叉渗透，比特币风险容易蔓延至金融领域。
“Parts of the Bitcoin trading platform packaged bitcoins into a `one million dollar' investment package that attracts investors to the trading platform, including financial institutions such as private fund-raising.” Zhao Jianxian described the risk of bitcoin spreading to the financial sector through cross-penetration of operations between financial institutions.
同时，不少交易平台怂恿会员参与高杠杆的期货交易，自己坐庄暗中操纵市场，虚假交易，令投资人的资产权益难以保障。
At the same time, a number of trading platforms encourage members to engage in highly leveraged futures transactions, operate the market in their own right and make false transactions that make it difficult for investors to secure their assets.
人民银行透露，今年年初，人民银行多次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，火币网曾因涉嫌市场操纵而被投资者起诉至法院；ＢＴＣ１００存在虚增其平台比特币交易规模的情况。
According to the People's Bank, at the beginning of this year, the People's Bank conducted several on-site inspections of the Bitcoin trading platform, which found that some of the platforms in Beijing did not operate without authorization and did not fully comply with their anti-money-laundering obligations, that the currency network had been prosecuted by investors before the courts on suspicion of market manipulation; and that BTC100 had inflated the scope of its platform's Bitcoin transactions.
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.
人民银行北京营管部货币信贷处相关人士介绍，一些比特币交易平台能够掌握投资者的转账、支付密钥和口令，一旦平台经营者决定跑路，瞬间可将大量比特币转移至其他地址，平台经营主体挪用甚至侵吞客户比特币资产没有技术障碍，风险较大。
According to the relevant persons in the Monetary and Credit Department of the Beijing Department of the People's Bank, some of the Bitcoin trading platforms are able to hold investor transfers, payment keys and passwords. Once the platform operators decide to run, they can immediately transfer large amounts of bitcoins to other addresses. The platform operators have no technical barriers and are at greater risk of misappropriation or even misappropriation of the customer's bitcoin assets.
比特币监管面临挑战 违规平台应受重罚或关停
在比特币风险不断积聚的背景下，监管部门采取一系列措施对比特币及其交易平台进行清理整顿，多次对主要的比特币交易平台开展现场检查，约谈交易平台负责人，引导交易平台主动采取收取交易手续费、暂停提币、升级反洗钱系统等措施。
In the context of the growing risk of bitcoin, the regulatory authorities have taken a series of measures to clean up the bitcoin and its trading platform, conduct on-site inspections of the main bitcoin trading platform, interview the head of the trading platform and direct the trading platform to take initiatives to collect transaction fees, suspend bills and upgrade the anti-money-laundering system.
监管加大力度清理整顿比特币市场乱象，取得了一定成效。相比２０１６年末，北京地区主要交易平台成交量和成交金额大幅下降９９％以上，全球以人民币计价的比特币交易占比由９５％大幅下降至目前的１５％左右，比特币价格变化也由中国市场主导转为国际市场主导。
Regulatory efforts to clean up the mishaps of the Bitcoin market have yielded some results. By the end of 2016, major trading platforms in Beijing had seen a sharp drop of more than 99% in the volume and volume of transactions, the share of global renminbi-denominated bitcoin transactions had dropped from 95% to around 15% today, and the price changes in bitcoin had been dominated by the Chinese market to the international market.
杨义先表示，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。“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。”
Yang Yisin said that, although oversight of the Bitcoin market and platform was strengthened in the first half of the year, many regulatory gaps remain. “The regulatory framework for Bitcoin should be established as soon as possible, the subject matter should be identified, the rules of business clarified, and the bitcoin placed in a cage of institutions and oversight.”
“按理说，比特币不能兑换成人民币，也不能用于支付结算，交易量应该逐渐萎缩。但事实上，这几年国内比特币价格在大幅波动中不断攀升，交易平台客户资金存量规模也越来越大，这些交易资金哪里来？”赵鹞认为，部分金融机构和支付机构没有严格执行五部委的要求，违规为比特币交易提供了便利。“应加强金融机构和支付机构的监管，防止比特币投机风险向金融体系传导。”
“It follows that bitcoin cannot be converted into renminbi, nor can it be used for settlement, and that the volume of transactions should gradually shrink. But, in fact, the price of bitcoin in the country has been rising in large fluctuations over the years, and the stock of funds available to the clients of the trading platform has been increasing.” Zhao Jianxiang argues that some financial institutions and payment agencies have not strictly complied with the requirements of the five ministries, facilitating bitcoin transactions by violating them. “The supervision of financial institutions and payment agencies should be strengthened to prevent the risk of bitcoin speculation from being transmitted to the financial system.”
专家建议，相关部门应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；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。
The experts recommended that the relevant authorities should establish a system of real name review of the investors of the Bitcoin trading platform in order to make the transaction and exchange process transparent; increase the penalties for violations of the Bitcoin trading platform and close down the Bitcoin trading platform, which is partially in breach of the law.
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