虚拟货币交易缘何叫停 所谓平台并无合法依据
原标题：
继比特币中国发布关停公告后，近日火币网等交易平台也宣布将于月底停止人民币交易业务。至此，国内三大虚拟货币交易平台均被叫停。
Following a shut-down announcement by Bitcoin China, trading platforms such as the recent Japanese Monet announced that they would stop trading in the renminbi at the end of the month. As a result, all three virtual currency trading platforms in the country have been shut down.
价格波动剧烈，消费者保护缺失
Price volatility and lack of consumer protection
近年来，比特币价格迅速攀升，引诱大批群众入场。一大批“虚拟货币”跟风轮涨，2017年莱特币价格上涨476%，瑞波币价格上涨54倍，以太币价格上涨13倍。
Bitcoin prices have risen rapidly in recent years, enticing large numbers of people. A large number of “ virtual currency & & rdquao; and booming winds, in 2017, the price of Leitco rose by 476 per cent, the price of Ripocot by 54 times, and the price of the talisco by 13 times.
与主权货币不同，“虚拟货币”的“信用”基础是数学算法，其价格取决于算法的可靠性及市场信心等因素，技术上还存在很多缺陷和漏洞，其价值根基非常脆弱。
Unlike sovereign currencies, &ldquao; virtual currency & & rdquao; credit & rdquao; based on mathematical algorithms whose prices depend on the reliability of algorithms and market confidence, there are many technical flaws and loopholes, and their value roots are very fragile.
中国政法大学互联网金融法律研究院院长李爱君认为，虚拟货币是网络化的产物，在网络内流动的数字化信息是所有人无法控制的。网络空间的代码是虚拟货币运行的基础，投资者只能通过前端界面操作，表面上“控制”着虚拟货币。而虚拟货币服务机构的运营者可能通过控制代码而成为虚拟货币的实际操控者。
The President of the Institute of Internet Finance Law of China University of Political Science and Law said that virtual money is a product of networking, and digital information that flows within the network is beyond everyone’s control. The code in cyberspace is the basis for virtual currency operations, with investors operating only through front-end interfaces, ostensibly “ controlling ” and virtual currency.
中国互联网金融协会日前发布公告称，比特币等所谓“虚拟货币”缺乏明确的价值基础，市场投机气氛浓厚，价格波动剧烈，投资者盲目跟风炒作，易造成资金损失。各类所谓“币”的交易平台在我国并无合法设立的依据。
The Chinese Internet Finance Association recently issued an announcement stating that so-called & & ldquo; virtual currency & & rdquo; lack of a clear value base; a strong climate of speculation in the market, high price volatility, blindness of investors, and the risk of financial loss. The various types of so-called & & ldquao; currency & & rdquao; trading platforms have no legal basis in our country.
亚太未来金融研究院执行院长杜艳认为，各类比特币交易场所的设立既未经批准，也未有监管，为做大交易规模，不惜提供融资融币等杠杆交易，加剧了价格的震荡和泡沫化，公众在未受任何法律保护的情况下参与此类交易，潜藏巨大的金融风险。
The Executive Director of the Asia-Pacific Institute for Future Finance (AFFI) argued that the establishment of various Bitcoin trading sites was neither approved nor regulated, and that leveraging transactions such as the provision of finance to finance the size of the transactions, including currency, had increased price shocks and bubbles, and that the public was involved in such transactions without any legal protection, with significant financial risks.
躲避监管，成违法犯罪活动的“帮凶”
比特币正日益成为各类违法犯罪活动的“帮凶”，潜藏社会风险。比如，近期多方渠道反映，比特币在所谓的“暗网”（Dark Web）世界作为支付工具大行其道。“暗网”指只能用特殊软件或特殊授权才能访问的网络，通过使用非常规的服务器地址、网络传输协议并层层加密的方式，使得网络通信双方的位置、身份等信息难以追踪。“暗网”中充斥着各类严重违法犯罪活动。比特币发明的初衷之一就是躲避监管，具有匿名性、跨境流动便利等特征，已成为“地下经济”的首选工具。
Bitcoin is increasingly becoming “ accessory & & rdquo; and a potential social risk. For example, in recent times, multiple channels have revealed that Bitcoin is in the so-called “ dark web & rdquo; Dark Web) the world is running its way as a payment tool. & & & ldquo; a network that can only be accessed with special software or special authorization, making the location, identity, etc. of both parties to the network difficult to trace through the use of unconventional server addresses, network transmission protocols and layer encryption. & & & & rdquao; a variety of serious criminal activities are rife.
杜艳认为，比特币及交易所等产业链的存在，构筑了一个法定货币之外进行资产转移、融资的违规金融市场，增加了监管部门对金融安全和稳定的管理难度，滋长了监管套利、金融犯罪。它给金融市场带来的风险和社会安全隐患，已经远高于其创新价值。
According to Doo-jin, the existence of industrial chains, such as Bitcoin and exchanges, has created financial markets that are irregular in terms of asset transfers and financing outside the legal currency, making it more difficult for regulators to manage financial security and stability, and has fuelled regulatory arbitrage and financial crime. The risks it poses to financial markets and social security are far higher than its innovative value.
在互联网金融风险专项整治中，发现大量以“虚拟货币”为道具和幌子，实为传销、非法集资等的非法金融活动，如“克拉币”“万福币”“马福罗币”等；近期又出现了虚拟货币发行（ICO）活动，用发行虚拟货币的方式进行融资。这些活动借用“虚拟货币”创新概念，实现对各类非法金融活动的包装，使得对非法金融活动的识别、界定和打击变得更为困难。
In the ad hoc treatment of financial risks on the Internet, a large number of illegal financial activities, such as “ virtual currency & rdquo; for props and cover-ups, such as & & & & & & & & & & & & & ; & & & & & & & & & & & & & & & & & & & & & & & & & & & & & & & & & & & & & & & & & & & & & & & & & & & & & & & & & & & & & & & & & & & & & & & & & & & & & & & & & & & & & & & & & & & & & & & & & & & & & & & & & & & & & & & & & & & & & & & & & & & & & & & & & & & & & & & - & & & & & & & & & & & & & & & & & & & & & & & & & & & & & & & & & & & & & & & & & & & & & & & & & & ) & & & & & & ) & & & & & & & & & & & ) & & & & & & & & & & &
“不管以怎样的名义进行金融创新，应透过本质看其存在的价值，金融创新的前提是合规，对经济有益、对金融消费者有益，反之则应被限制和取缔。”杜艳认为，近期国家快速出手进行的各类清理整顿，市场应该清醒认识到，监管套利的时代已一去不复返，应把资金投入到真正的金融创新上。
& & & ldquo; Financial innovation, in whatever name it may be, should be seen by its very nature as its value, and the premise of financial innovation should be that compliance is good for the economy, good for financial consumers, and, conversely, that it should be restricted and banned. & & & & & & & & & & & & & & & & & & & & & & & & & & & ; that the market should be made aware that the era of regulatory arbitrage is over and money should be invested in real financial innovation.
李爱君建议，投资者应坚持理性投资，不盲目跟风，也不能心存侥幸。投资有风险，尤其面对一个新型模式更应该审慎投资，以免成为违法分子掠夺财富的对象。（记者 王 观）
Lee Ai-kun suggested that investors should invest rationally, not blindly, or with a sense of success. Investments are risky, especially in the face of a new model that should be more prudent in order to avoid being the target of plundering wealth by lawbreakers.
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