虚拟货币炒作是个真实的坑
原标题：
近年来，比特币、以太币、莱特币为代表的“虚拟货币”在一些互联网平台上进行集中交易。这些“货币”的价格不仅经常在短期内暴涨暴跌，其在金融科技的帮助下渐渐向投资、融资等金融领域扩散，引发了各界对于相关风险的广泛关注。不久前，中国人民银行等七部委联合发布《关于防范代币发行融资风险的公告》，对相关行为做出了明确规范。专家指出，“虚拟货币”并非货币当局发行的法定货币，其本质上是一种特定的虚拟商品。因此，认为“虚拟货币”具有或将会具有法定货币属性并借此开展投机炒作、网络集资、借贷融资等行为，无疑具有很大的法律风险和经济风险。
In recent years, the & & & & & & & & quo of bitcoin, & & & & & ; centralized transactions on a number of Internet platforms have been carried out. These & & & & & & ; prices have not only soared and plummeted in the short term, with the help of financial science and technology, and have spread to financial fields such as investment, finance, etc., raising widespread concern about the risks involved.
不具有货币属性
does not have monetary attributes
七部委联合发布的《公告》明确指出，代币发行融资中使用的代币或“虚拟货币”不由货币当局发行，不具有法偿性与强制性等货币属性，不具有与货币等同的法律地位，不能也不应作为货币在市场上流通使用。与此同时，《公告》还指出，违规发售、流通，向投资者筹集比特币、以太币等所谓“虚拟货币”，本质上是一种未经批准的非法公开融资行为，涉嫌非法发售代币票券、非法发行证券以及非法集资、金融诈骗、传销等违法犯罪活动。
At the same time, the Proclamation, issued jointly by the seven ministries, clearly states that the currency or &ldquo used in the financing of the issuance of money in exchange, the virtual currency & & rdquo, is not issued by the monetary authorities, has no legal and mandatory monetary attributes, has no legal status equivalent to that of the currency, and cannot and should not be used as a currency in the market. At the same time, it also states that the illegal sale, circulation, collection of so-called & ldquo, such as bitco, e-Teco, and so-called & & rdquo; the virtual currency & & rdquo; it is essentially an unauthorized act of public financing, suspected of illegal sales of currency coupons, illegal distribution of securities, and criminal activities such as illegal collection of funds, financial fraud, circulation, etc.
信达证券首席策略分析师陈嘉禾表示，真正的货币或者有货币属性的东西，其价值的保障来自于两个方面：一是强大的国家政权保障与背书，二是普遍的民众使用性与难以替代性。因此，虚拟货币显然不是真正的货币。
The chief strategic analyst of Sindha securities, Chen Ka Gou, said that the value of real money or something with a monetary identity is guaranteed by two things: strong state regime guarantees and endorsements, and widespread popular utility and difficulty of substitution. So virtual currency is clearly not a real currency.
在德国安联集团首席经济顾问默罕默德·埃尔·埃里安看来，比特币今年以来累计上涨约300%，其目前的市场定价是基于比特币未来将被大量采用这一假设，但事实上各国政府并不会允许这种情况发生。
In the view of Mohammed & Middot, the chief economic adviser of the German Security League group; El & Middot; and Adrian, the cumulative increase in Bitcoin since this year is about 300 per cent, and its current market pricing is based on the assumption that Bitcoin will be used extensively in the future, but in fact Governments will not allow this to happen.
警惕炒作的风险
Beware of the risk of frenzy
在监管部门明确态度之后，尽管比特币中国、火币网等“虚拟货币”运营商陆续对交易平台采取了限制措施，但“虚拟货币”炒作风险却依然值得高度警惕。
After a clear regulatory stance, despite & & & & & & & & & & & & & & & & & & & & & & bitcoin & & & & & & & & & & & & & & & & & & & & & & & & &, & & & & & & & & & & & & & & & & &, & & & & & & & & & & & & & & & & & & &, & & & & & & & & & & & & & & & &, & & & & & & & & & & & & & & & & & & & & & & & & & & & & & & & & & & & & & & & & & & & & & & & & & & & & & & & & & & & & & & & & & & & & & & & & & & & & & & & & & & & & & & & & & & & & & & & & & & # & & & & & & & & & & & & & & & & & & & & & & & & & & & & & & & & & & & & & & & & & & & & & & & &
对此，中国互联网金融协会在《关于防范比特币等所谓“虚拟货币”风险的提示》中也表示，比特币等所谓“虚拟货币”缺乏明确的价值基础，且日益成为洗钱、贩毒、走私、非法集资等违法犯罪活动的工具。投资者通过“虚拟货币”交易平台参与投机炒作，面临价格大幅波动风险、安全性风险、平台技术风险等，需要投资者自行承担。
In response, the China Internet Finance Association (CIFA) also stated in its " On Protection against so-called & & & & & & & & & & & & & & & & & & & & & & & & & & & & & & & & & & & & & & & & & & & & & & & & & & & & & & & & & & & & & & & & & & & & & & & & & & & & & & & & & & & & & & & & & & & & & & & & & & & & &, & & & & & & & & & & & & & & & & & & & & & & & & & & & & & &, & & & & & & & & & & & & & & & & & & & & & & & & & & & & & & & & & & & & & & & & & & & & & & & & & & & & & & & & & & & & & & &, & & & & & & & & & & & & & & &, & & & & & & & & &, & & & & & & & & & & & & & & & & & & & &
上海财经大学经济学院经济学系主任金煜在接受本报记者采访时指出，监管对金融而言是十分重要的。相比于传统的金融产品与金融活动，“虚拟货币”目前并没有一个客观的价值参照，基于“虚拟货币”进行的金融活动更是长期游离于监管体系之外，因此相关金融活动容易陷入“预期定价”“情绪定价”等问题。在此背景下，“虚拟货币”不仅可能让灰色交易甚至黑色交易藏身其中，还很有可能引发各类风险，“挤出”真正的金融创新，从而不利于互联网金融的持续健康发展。
In an interview with a journalist from the Economics Department of the University of Shanghai, the director of the Economics Department noted that regulation is very important for finance. Compared to traditional financial products and activities, “ virtual currency & rdquo; there is currently no objective value reference based on “ virtual currency & & rdquo; financial activity is more long-term outside the regulatory system, and therefore financial activity is vulnerable to “ expected pricing & rdquo; & & & & rdquao; emotional pricing & & rdquao; and so forth. In this context, & & & & & & rdquao; virtual currency & & & ; not only grey or even black transactions may be hidden, but there is a high risk & & ldquao; crowding out & & ; real financial innovation, which is detrimental to the continued healthy development of Internet finance.
理性对待新事物
Rational treatment of new things
在中国人民大学国际货币所研究员李虹含看来，“虚拟货币”在中国大行其道的一个重要原因就是中国缺乏多层次、多品类的投资品市场，从而使众多投资者选择了“虚拟货币”这样的投机性产品。因此，中国还应抓紧构建符合时代背景的电子货币体系和虚拟货币，同时完善投资品市场以及对于新型金融科技体系的监管，在防范金融风险的前提下利用好金融科技，使之可以更好地服务于实体经济。
One of the main reasons for China’s lack of a multi-level and multi-goods investment market is that many investors have chosen & & & & & & & & & such speculative products. China should also work hard to build an age-appropriate e-currency system and virtual currency, while also improving investment markets and regulation of new financial science and technology, making good use of financial technology to protect against financial risks so that it can better serve the real economy.
“实际上，‘虚拟货币’往往对应的算法十分复杂。从网络技术创新的角度，‘虚拟货币’确实有一定的创新价值存在，我们并不应该将这种新生事物全盘否定。但是，‘虚拟货币’的开发者、运营者等相关主体也有义务向社会公众普及这些算法本身的创新型和价值，确保市场需求源自消费者对‘虚拟货币’创新价值的真实理解，而不是出于投机炒作的冲动，最终陷入泡沫破灭的深坑。”金煜表示。
& ldquo; in fact, ‘ virtual currency ’ often the corresponding algorithms are complicated. From the point of view of network technological innovation, ‘ virtual currency ’ there is a certain value of innovation, and we should not deny all of this novelness. But, ‘ virtual currency ’ developers, operators, etc., have an obligation to spread to the public the innovation and value of these algorithms themselves, ensuring that market demand stems from consumer vs. ‘ virtual currency ’ true understanding of the value of innovation, rather than the impulse of speculation, and eventually falls into the abyss of bubble collapse.
金煜进一步指出，中国仍然是一个发展中国家，金融体系还有待进一步成熟。面对互联网金融与金融科技的飞速发展，有关部门需要在鼓励创新的同时扎实做好风险防控工作。金煜建议，应该在现有基础上建设专门针对“虚拟货币”这类创新的监管措施甚至机构，以便更好地规范这一虚拟商品的发展，使其在市场上的交易真正基于使用价值。
In the face of the rapid development of Internet finance and financial technology, the authorities need to do risk-control work while encouraging innovation. It is suggested that building on existing foundations should be built specifically for “ virtual currency & & rdquo; and such innovative regulatory measures and even institutions to better regulate the development of this virtual commodity so that its transactions in the market are truly based on the value of use.
本报记者 王俊岭
This reporter, Wang Joon-hsing.
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