“世界上对于加密货币影响力最大的两个国家就是中国和美国，中国的政策绝对举足轻重”。
“China and the United States are the two countries in the world that have the greatest influence on encrypted currencies, and China's policy is absolutely critical”.
2016年9月，位于四川的一处机房内，550台比特币矿机昼夜运转。图/视觉中国
In September 2016, 550 bitcoin machines operated day and night in an aircraft room in Sichuan.
在今年4月站上历史最高点后，比特币的价格一路跳水，5月中下旬中国监管政策加码无疑是诱因之一。
After standing at an all-time high in April of this year, bitcoin prices jumped all the way, and the addition of Chinese regulatory policy in mid-May was undoubtedly an incentive.
从5月18日开始，中国密集释放对于加密货币的监管政策：5月18日内蒙古发改委设立虚拟货币“挖矿”企业举报平台；同日，中国互联网金融协会、中国银行业协会、中国支付清算协会发布“关于防范虚拟货币交易炒作风险的公告”；5月21日，国务院金融委要求打击比特币挖矿和交易行为，坚决防范个体风险向社会领域传递；5月26日，内蒙古发改委发布关于坚决打击惩戒虚拟货币“挖矿”行为八项措施征求意见。
On 18 May, China began an intensive release of China's regulatory policy on encrypted currency: on 18 May, the Mongolian Development and Reform Commission set up a virtual currency “mining” business reporting platform; on the same day, the China Internet Finance Association, the Chinese Banking Association and the China Payments Clearing Association issued a “Advocacy on the prevention of risks associated with virtual currency transactions”; on 21 May, the Finance Committee of the State Council called for the fight against the mining and trading of Bitcoin and for a firm effort to prevent the transfer of individual risks to the social sphere; on 26 May, the Inner Mongolian Development and Reform Commission issued an opinion on eight measures to combat the punishment of the virtual currency “mining”.
从2013年时仍将比特币交易视为普通民众可自由参与的商品买卖行为，到2017年清退境内虚拟货币交易所，再到此次明确打击挖矿行为，中国对于加密货币的监管政策在世界主要经济体中最为严厉。鉴于中国玩家在加密货币世界中的影响力，中国监管层的每一次表态都会直接反应为比特币币值的大幅波动。
From 2013, when the Bitcoin deal was still treated as a commodity sale in which ordinary people could participate freely, China’s regulatory policy on encryption money was the strongest among the world’s major economies, until 2017, when the virtual currency exchange was removed from China, and this time when mining was clearly combated. Given the influence of Chinese players in the world of encryption currency, every expression in China’s regulatory hierarchy would be directly reflected in large fluctuations in the value of bitcoin.
中国监管撼动比特币价格
Chinese regulation shakes bitcoin prices
“比特币价格就像小孩子的脸，说变就变，经常暴涨暴跌。”一位曾经的比特币“矿场”主人告诉《中国新闻周刊》记者，因为比特币价格的一次暴跌，他的“矿场”亏本，2020年疫情暴发前便被关停，当时比特币的价格徘徊在七八千美元，他也就错过了去年年中开启的比特币行情。
“The price of Bitcoin is like the face of a child, changing and falling.” A former owner of Bitcoin's “mine” told the Chinese News Weekly journalist that his “mine” deficit had been shut down before the outbreak in 2020, when the price of Bitcoin hovered at $78,000, and he missed the bitcoin deal that was opened in the middle of last year.
到2020年年终，比特币价格已经接近3万美元，这样的趋势在2021年得以延续，直至4月14日触及64863美元的历史最高价格。
By the end of 2020, Bitcoin prices were close to $30,000, a trend that continued in 2021 until 14 April, when the historic highest price of $64863 was reached.
“各国央行为了应对疫情冲击，不得不采取一些极度宽松的货币政策，导致市场上流动性非常充裕。同时，宽松的资金面引发一些机构对于法币贬值的忧虑，于是转向一些避险产品，机构开始认可比特币等加密货币，将其作为一类可投资资产配置。”在向记者解释比特币缘何迎来一波行情时，一位币圈资深人士认为，过去一年多，外国机构，特别是华尔街机构加持的趋势很明显。“在研报中也会将加密货币列为一个可投资资产类别，同时会为客户提供加密货币资产相关服务”。
“In order to cope with the impact of the epidemic, central banks have had to adopt extremely liberal monetary policies, which have led to a high level of liquidity in the market. At the same time, loose capital has caused some agencies to worry about the devaluation of the French currency, turning to risk-free products, and agencies have begun to endorse encrypted currencies such as bitcoin as a class of investmentable asset allocation.” In explaining to journalists how Bitcoin is about to hit, one of the senior currency circles believes that the trend of foreign agencies, especially Wall Street agencies, has been evident over the past year.
投资加密货币的不止有机构，还包括像特斯拉这样的企业。特斯拉在2021年第一季度利润达4.38亿美元，近四分之一来自比特币交易。其财报显示，特斯拉在今年一季度购入价值15亿美元的比特币，将其中部分出售后获利1.01亿美元。
Tesla's profits in the first quarter of 2021 amounted to $438 million, almost a quarter of which came from bitcoin transactions. According to its financial statements, Tesla purchased $1.5 billion worth of bitcoins in the first quarter of this year, with $101 million after selling some of them.
特斯拉“炒币”，背后是马斯克站台加密货币。“今年助长加密货币热情的另一个原因便是像马斯克这样的商业领袖站台，他在社交媒体上的言论可以轻易扰动币值。”前述币圈资深人士说，除了上述原因，技术上的演进也提供了底层支撑。“这轮行情的一个重要引爆点便是去中心化DeFi生态爆发，催生了诸多类似传统金融机构的功能和平台”。
Tesla's “coupled currency,” behind which is the encrypted currency of the Mask station. “Another reason for this year's enthusiasm for encryption money is that business leaders like Mask stand, and his speech in social media can easily disturb the value of the currency.” Senior bankers say that, in addition to the above-mentioned reasons, technological evolution provides the bottom line. “An important trigger for this round is the centralization of the DeFi ecological outbreak, which has given rise to a number of functions and platforms similar to traditional financial institutions.
在他看来，宽松的资金面、机构入场、技术演进，这三个因素的影响仍在持续。“特别是从近一段时间看，机构可能并未退场，因为链上那些持币数量较多的地址还在增持，甚至有人认为，一些机构在抄底进场”。
In his view, the impact of these three factors is still ongoing: “especially in recent times, institutions may not have retreated, because the larger number of addresses on the chain is still growing, and even there are some who believe that some agencies are going through the bottom”.
美联储主席：今年将是美联储与公众就数字美元展开接触的一年:美联储主席鲍威尔表示，今年将是美联储与公众就数字美元展开接触的一年。美联储将关注有关数字美元的“挑战性”政策和技术问题，数字美元很可能需要立法授权。我们需要谨慎对待数字美元的设计，以免破坏市场功能。（金十）[2021/2/25 17:49:50]
US Federal Reserve Chairman: This year will be one of the Federal Reserve’s contacts with the public on digital dollars: US Federal Reserve Chairman Powell said this would be one of the Federal Reserve’s contacts with the public on digital dollars. The Fed will focus on “challenge” policy and technical issues related to digital dollars, which are likely to require legislative authority. We need to be careful about the design of digital dollars in order not to undermine market functions. [Kin 10] [2021/2/25 17:49:50]
但马斯克带来的短期效应对于加密货币的影响在减弱。5月12日，马斯克在社交媒体上质疑比特币挖矿和交易产生的碳排放过高，宣布特斯拉暂停比特币支付。受此影响，比特币当日跌幅超过10％，一路跌至49000美元左右。
But the short-term effects of the Mask have diminished in terms of encoded currency. On May 12, Musk questioned social media about the carbon emissions from bitcoin mining and trading and announced Tesla’s suspension of Bitcoin payments. As a result, Bitcoin fell by more than 10% that day, down to about $49,000.
一位加密货币资深分析师告诉《中国新闻周刊》，“今年以来，比特币价格走势向上，甚至呈现一些过热情绪，后期已经出现了动物币，甚至毫无任何意义的空气币，本身就有调整的必要，价格确实存在泡沫。”?
A senior analyst of encrypt currency told the Chinese Newsweek that “since this year, bitcoin prices have been moving upwards, even showing some overheating sentiment, and that the presence of animal coins at a later stage, or even meaningless air coins, is in itself necessary for adjustment, and that there is a bubble in prices.”
就在马斯克质疑后一周，5月19日，比特币迎来“震荡幅度足以排进历史前十”的一次下跌，前述资深分析师告诉记者。5月19日，比特币直接击穿4万美元关口，甚至逼近3万美元关口，一天之内最高跌幅达30％，最终跌幅有所收窄，但也超过13％。其他种类加密货币也未能幸免，据比特币家园网站统计，24小时内各主要交易所爆仓总金额为70.06亿美元，约460亿元人民币，已经创造加密货币历史上单日最大爆仓纪录。
Just one week after Musk’s questioning, on 19 May, Bitcoin came down with a “shock range sufficient to move into the top 10 of history,” as the former senior analyst told journalists. On 19 May, Bitcoin went straight through the 40,000, or even close to the 30,000, with a peak of 30% in one day, and eventually a narrow fall, but also over 13%. Other types of encrypted currency were not spared. According to the Bitcoin Homes website, a total of $7.06 billion, or about $46 billion, was destroyed by major exchanges within 24 hours, creating the largest single-day explosion record in the history of encrypted currency.
而5月底比特币的价格与其在今年达到的历史高点对比，几近“腰斩”。“最近下跌的原因肯定就是中国最新的监管政策，世界上对于加密货币影响力最大的两个国家就是中国和美国，中国的政策绝对举足轻重。”前述币圈资深人士说。
By the end of May, the price of Bitcoin was close to a “blank cut” in comparison with its historical height this year. “The recent fall must have been due to China’s latest regulatory policy, with China and the United States, the two countries in the world that have the greatest influence on encrypted currencies, and China’s policy being absolutely significant.” Seniors in the currency circles have said.
“挖矿”能禁绝吗？
Can mine mining be banned?
“可以说是全面封杀。”银保监会重点金融机构监事会正局级监事陈伟钢对《中国新闻周刊》说。
“It can be said that it was a complete closure.” Chen Wei Gang, the Superintendent of Financial Institutions, who is the key financial institution of the Bank, said to the Chinese News Weekly.
“应该是几乎没人再会投资，下降幅度很大，从价格上来说肯定是卖的比买的多，不然怎么会跌这么多。”一位比特币持有者告诉记者。?
“There should be almost no one to invest, and there should be a big drop, and there's definitely more to sell than to buy at the price, or why so much to fall.” A bitcoin holder told journalists.
“其实三年多前就禁止了包括比特币在内的虚拟货币交易，目前境内没有任何一家交易所。”陈伟钢说。他所言的禁令，指的便是2017年9月4日央行等七部委联合发布的“关于防范代币发行融资风险的公告”，其中已明确禁止虚拟货币交易。
“In fact, virtual currency transactions, including bitcoins, were banned more than three years ago, and there is currently no single exchange in the country.” Chen Wei Gang says. The ban he is referring to is the “Advocacy on the Protection against the Risk of Money Issue Financing” issued jointly by seven ministries, including the Central Bank, on 4 September 2017, which explicitly prohibits virtual currency transactions.
约在一年之后，2018年7月，央行曾透露，搜排出的88家虚拟货币交易平台基本实现无风险退出，以人民币交易的比特币从之前全球占比90％以上，下降至不足1％，被认为避免了一场虚拟货币泡沫。
About a year later, in July 2018, the central bank revealed that the 88 virtual currency trading platforms that had been discovered had largely been withdrawn without risk, and that the bitcoins traded in the renminbi had fallen from over 90 per cent globally to less than 1 per cent, and were considered to have avoided a virtual currency bubble.
在“9·4禁令”后，国内加密货币交易所纷纷将服务器移至境外，监管层继续屏蔽“出海”的虚拟货币交易平台，截至2018年5月底，包括火币网、币安网等交易平台的110个网站已被屏蔽。
Following the 9/4 ban, domestic encrypted currency exchanges moved servers out of the country, the regulatory layer continued to shield virtual currency trading platforms, and by the end of May 2018 110 websites, including trading platforms such as the gunnet, currency net, etc., had been blocked.
虽然加密货币交易所在境内不复存在，相关网站亦被屏蔽，但币圈玩家并没有停止交易。
Although the crypto-currency exchange ceased to exist in the country and the relevant websites were blocked, currency-circle players did not stop trading.
一位接近监管的人士告诉《中国新闻周刊》，目前在国内交易包括比特币在内的加密货币的途径主要有两种，一种是通过“翻墙”在境外交易所交易，另外便是通过地下钱庄交易。
A near-supervisor told the Chinese Newsweek that there were two main ways in which encrypted currency, including Bitcoin, was being traded domestically, one by “turning the wall” on an offshore exchange and the other by underground money houses.
“比如地下钱庄在中美两国注册两家公司，利用在美国的公司购入比特币，再由国内公司接收购币款项。”他向记者解释说，这样的资金流动所受管制已经愈发严格，“此前款项往来往往打着业务付款的名义进行，如今这样的打款也需要足够的证明，如买卖合同等，确保有真实的业务往来，否则就无法实现。虽然不能完全杜绝，但通过这样的途径交易越来越难，对于炒币资金的监管已经和反一样对待。”
“For example, underground money houses have registered two companies in China and the United States, using companies in the United States to purchase bitcoin and then receive money from domestic companies.” He explained to journalists that such financial flows had become more strictly regulated, “since transactions were often carried out in the name of business payments, such payments now require sufficient proof, such as contracts of purchase and sale, to ensure real business transactions, otherwise they would not be possible.
交易早已转至地下，这一次监管加码，无论是三家协会发布的“关于防范虚拟货币交易炒作风险的公告”，还是金融委表态，对于交易环节仍然沿袭“9·4禁令”要求。不少业内人士在接受记者采访时也表示，金融委明确打击比特币挖矿和交易，“将挖矿置于交易之前，也可以看到这一次监管指向挖矿”。
The deal has already gone underground, and this time the regulation was added, whether the three associations issued a “Announcement on Protection against the Risk of Virtual Currency Transactions” or the Financial Services Commission stated that the transaction was still subject to the “9-4 Ban” requirement. In interviews with journalists, a number of people in the industry also said that the Financial Services Commission had made a clear case against bitcoin mining and trading, “before placing the mining on the trade, it could also be seen that the regulation pointed to mining”.
从地方监管的反应来看亦是如此，内蒙古首先于5月26日出台细则，自治区发改委发布的关于坚决打击惩戒虚拟货币“挖矿”行为的八项措施中，打击范围包括进行挖矿的大数据中心、云计算企业、通讯企业、互联网企业、网吧等，以及为挖矿企业提供场地与电力支持的主体，而存在挖矿行为的企业和相关人员按有关规定纳入失信黑名单。内蒙古打击挖矿在3月便已开始，当时宣布全面清理关停虚拟货币挖矿项目，2021年4月底前全部退出，同时严禁新建虚拟货币挖矿项目。
This is also true of the local regulatory response, which began with the issuance of rules on 26 May, and of eight measures issued by the Autonomous Community Development and Reform Commission on the resolute fight against the punishment of the “mining” of the virtual currency, which included large data centres for mining, cloud computing enterprises, communications enterprises, Internet enterprises, cybercafes, etc., as well as the provision of space and electricity support to mining enterprises, and the inclusion of enterprises and related personnel involved in mining operations in the black list, as required. In March, the fight against mining in the Autonomous Region began with the announcement of a complete closure of the Virtual Currency Mining Project, which was withdrawn by the end of April 2021, while the construction of a new Virtual Currency Mining Project was strictly prohibited.
也有矿场主人告诉记者，“其实查封矿场的要求一直都有，不用太当真。” 但这一次监管的表态显然更加严厉，虽然其他地方尚未像内蒙古一样出台细则，但《中国新闻周刊》记者联系到的多家矿场均表示，比特币、以太坊等加密货币挖矿均已暂停，只保留耗能较少的FIL挖矿项目，正在将矿机转移至境外，“转移的速度没有那么快，公司此前在海外没有布局”。
There are also mine owners who have told journalists that “the demand for the closure of the mine has been constant and not too serious.” But the regulatory pronouncements are clearly more stringent. Although regulations have not yet been put in place elsewhere as in Inner Mongolia, many of the mines contacted by Chinese News Weekly journalists have indicated that the mining of encrypted currency such as Bitcoin and Etheria have been suspended, that only less energy-intensive FIL mining projects are being retained and that the mine is being transferred abroad “not as fast as it has been, and that the company has not been laid overseas”.
火星云矿也发布消息称，为配合相关部门监管精神，经慎重研究决定，火星云矿部分矿机将转场至哈萨克斯坦矿场，相关矿机于5月23日停机，预计转场周期在3至4周，并于北京时间5月26日20:00起屏蔽大陆境内IP的访问。
The Mars Clouds also released information that, in keeping with the regulatory spirit of the sector concerned, it was decided, after careful study, that part of the Mars Clouds mine aircraft would be diverted to the Kazakhstan mine site, that it would be suspended on 23 May, that the transfer cycle was expected to take place from 3 to 4 weeks, and that access to IPs in the mainland would be blocked from 2000 Beijing time on 26 May.
“国内的挖矿仍难以完全禁止，这次主要针对企业挖矿行为。可以通过收入与支出端的财务审计实现管控，如企业挖矿最终一定会体现为营收、利润增值，如果一部分利润属于挖矿得来，可以不允许企业入账，通过这样的方式可以封堵企业的挖矿行为。”陈伟钢说，一些个人购买矿机挖矿，特别是在一些水电较为丰富的地区挖矿，如何封堵还有待下一步观察。“但相当于砍掉大户，剩下的小户虽然数量很多，但是总量不大。”
“Doing mining in the country is still difficult to ban completely, and this time is mainly about mining by businesses. Controls can be achieved through financial audits at the revenue and expenditure ends, such as the fact that mining by businesses must eventually be seen as revenue and profit-added, and if a portion of the profits comes from mining, businesses may not be allowed to account for it, so as to block mining by businesses.” Chen Wei Gang says that some individuals buy mining machines, especially in some of the more hydropower-rich areas, it remains to be seen how this can be done. “But it is equivalent to cutting down large households, and the remaining small households, though large, are small.”
监管落差带来挑战
Regulatory gaps pose challenges
“这一轮国内的监管政策可能更多还是出于降低能耗的考虑。”前述加密货币资深分析师告诉《中国新闻周刊》。
“This round of domestic regulatory policy may be more concerned with reducing energy consumption.” The above-mentioned senior cryptographic currency analyst told the Chinese Newsweek.
在全球比特币算力分布中，中国以65.08％的算力占比占据绝对首位，远超位居第二的美国，仅有7.24％的算力占比。具体到国内，算力分布位居前四的省区全部位于西部：新疆、四川、内蒙古、云南，新疆一地的占比超过35％。
In the global Bitcoin power distribution, China occupies the absolute top position at 65.08%, far above the second highest in the United States, with only 7.24%. At home, all the provinces with the highest four levels of power distribution are in the west: Xinjiang, Sichuan, Inner Mongolia, Yunnan, and Xinjiang, where the share is more than 35%.
这背后是大量的电力消耗。据剑桥大学另类金融研究中心发布的指数，以5月底的水平预估，挖矿的年耗电量约为115.54 TWh，直观来看，其占全球每年用电量的0.53％，如果与各国耗电量比较，会发现其位于阿联酋之后，荷兰之前，位列全球第33位。
According to the index published by the Cambridge University Center for Alternative Finance Studies, the annual electricity consumption from mining is estimated to be about 115.54 TWh at the end of May, representing 0.53% of the world’s annual electricity consumption, and, if compared to countries, it will be found to be in the United Arab Emirates, before the Netherlands, 33rd place in the world.
除了过高的碳足迹，比特币等加密货币作为投资品该如何监管，甚至其是否可以称得上是一种投资品都是近期各国监管表态的重点。
In addition to the excessive carbon footprint, how an encrypted currency such as Bitcoin should be regulated as an investment, and even whether it can be described as an investment, has been the focus of recent regulatory pronouncements by countries.
“一些人混淆了两个概念，比特币等加密货币并非法币，货币要以国家主权作为保证，从货币形态的演进过程也能看出，从金币、银币这样的贵金属货币转变为纸币、数字货币，本身的价值一直在下降，但如今人们却在炒作比特币本身的价值。”陈伟钢认为，比特币甚至不算一种投资品，只能算是一种“炒作品”，“当年风靡欧洲的‘郁金香’，好歹还能看到一束花，现在的比特币就是空气，什么都没有。”
“Some people confuse the two concepts of cryptic currency, such as bitcoin, with illegal currency, which is guaranteed by the sovereignty of the State, as can be seen from the evolution of currency patterns, that the value of precious metals, such as gold coins, silver coins, to banknotes and digital currencies, has been declining in itself, but now the value of bitcoin itself is being played out.” According to Chen Wei Gang, Bitco is not even an investment product, but a “frozen work”, and “the ‘Tulips' of Europe that prevailed in that year, at least a bouquet of flowers could be seen, and now bitcoins are air, nothing”.
欧洲央行在5月发布的《金融稳定评论》中，也将加密货币价格的炒作比作“郁金香狂热”，提示其风险与投机属性。就在比特币币值出现剧烈波动的5月19日，欧洲央行副行长金多斯发声直言，比特币是一种基本面非常脆弱的资产，而且波动性很大。不应将加密资产视为“真正的投资”，因为难以辨识其潜在价值。但金多斯同时表示，加密货币资产市场波动不会对整体金融稳定构成风险。
The ECB, in its Financial Stability Review issued in May, also compared the scheming of crypto-currency prices to a “Tulip fever” suggesting their risk-and-speculation properties. On May 19, when the value of bitcoin fluctuated sharply, the ECB’s Vice-President, King Doss, said that bitcoins were a fundamental and fragile asset, and were highly volatile.
境外监管确实也在近期趋严，但更多的是着重于规范加密货币交易以防范风险，并规避逃税等非法行为。如美国证券交易委员会主席加里·根斯勒于5月26日参与国会听证时就指出，加密资产兼具商品和证券性质，需要对加密货币交易所加强监管，以让投资者享受到在证券交易中同等的保护为目标。美国政府还在近日提出，超过1万美元的加密货币转账必须向美国税务当局报告。
Indeed, offshore regulation has also become more stringent in the recent past, but it has focused more on regulating encrypted currency transactions to protect against risk and avoid illegal practices, such as tax evasion. As Gary Gensler, Chairman of the US Securities and Exchange Commission, pointed out in a congressional hearing on 26 May, encryption assets and commodities and securities, require stronger regulation of encrypted currency exchanges, with the aim of providing investors with equal protection in securities transactions.
5月21日，香港特区政府建议在港运营的加密货币交易所必须获得香港市场监管机构的许可，也就是“持牌经营”，并且只能向专业投资者提供服务。
On 21 May, the HKSAR Government recommended that an encrypted currency exchange operating in Hong Kong must be licensed by the Hong Kong market regulator, i.e., “licensing operations”, and provide services only to professional investors.
“境外的监管部门一直在加强对加密货币交易所的监管，今年还有像Coinbase这样上市的交易所，Coinbase的运作就相当保守，比如不会向散户开放杠杆交易工具，只会向一些合格的机构开放。”前述加密货币资深分析师表示，“因为监管，所以交易所的运作相对规范，机构也信任交易所，形成良性循环，华尔街的机构大多会把大量资金放置在Coinbase这样的交易所，而非一些小的、野生的交易所。”
“Overseas regulators have been strengthening the regulation of encrypted currency exchanges, and this year there are such listed exchanges as Coinbase, where Coinbase operates fairly conservatively, for example, by not opening up leverage to the diaspora, but only to a number of qualified institutions.” The former Senior Analyst of Encrypted Currency said, “because of regulation, exchanges operate relatively regulated and institutions trust the exchange, creating a virtuous circle, and Wall Street institutions tend to place large amounts of money in exchanges like Coinbase, rather than small, wild exchanges.”
他认为，“国外的监管表态确实在趋严，但并未像中国这般严厉，国内的监管没有选择逐步规范加密货币交易，而是在某种程度上‘一刀切’关停。”?
In his view, “foreign regulation is indeed becoming more stringent, but not as stringent as in China, and domestic regulation does not choose to gradually regulate encrypted currency transactions, but to a certain extent “one size fits all”?
其实在2013年时，央行等五部委曾发布关于防范比特币风险的通知，在明确比特币并非法币的同时，称“比特币交易作为一种互联网上的商品买卖行为，普通民众在自担风险的前提下拥有参与的自由”。但此后监管口径逐渐收紧，国内以散户为主体的投资结构或是原因之一。
Indeed, in 2013, five ministries, including the Central Bank, issued a circular on protection against the risk of Bitcoin, stating, while identifying bitcoin and illegal currency, that “bitcoin transactions are a commodity on the Internet, and ordinary people have the freedom to participate at their own risk.” Since then, however, the regulatory caliber has gradually tightened, with the domestic investment structure, or one of the reasons, dominated by the diaspora.
“加密货币交易不应该鼓励个人参加，因为波动性较大，而且投资加密货币对于认知要求是非常高的。”有“币圈”人士告诉《中国新闻周刊》，目前全球已经有十余只加密货币ETF基金成立，机构投资应该成为主流。
“Screen currency transactions should not encourage individual participation, because they are more volatile and investment in encrypted currency is highly cognitively demanding.” The Chinese News Weekly has been told by currency circles that there are now more than a dozen encrypted currency ETF funds worldwide, and institutional investments should be mainstreamed.
陈伟钢也认为，国外的比特币交易更多是一些机构、财团间的游戏，但在中国以散户投资为主。“就像此前的P2P，其实在英国、美国等国家出现的时间比国内早，但是P2P在中国最顶峰时参与的人群范围非常广，这次炒作比特币也是同理。国外可以存在的东西不意味着在中国也有存在的合理性。”
Chen Wei Gang also believes that bitcoin trading abroad is more a game between institutions and consortia, but in China it is dominated by bulk investment. “Like the previous P2P, which appeared earlier in countries like the United Kingdom and the United States than in the country, but the P2P’s involvement in China’s highest peak was very broad, and this time it was a bitcoin. What exists abroad does not mean that there is legitimacy in China as well.”
“其实如果把交易所全部封杀，或者国内外监管存在落差也会给监管带来挑战，因为任何一个人都可以在相关网站上注册一个账户，生成的代码就是比特币收款账号，完全匿名，无法追踪，但因为有后续交易环节存在，因此交易所还可能追踪到持有者的信息，在这种情况下交易所对于监管来说可以起到‘线人’作用。”一位“币圈”资深人士向《中国新闻周刊》透露，据他了解，现在一些交易所虽然无法在境内运营，但是与国内监管部门仍有密切合作，也愿意提供信息给政府。?
“It is true that if an exchange is completely closed down, or if there are gaps in domestic and foreign regulation, it can also pose a regulatory challenge, since any one can register an account on the relevant website, generating a code that is completely anonymous and untraceable, but because of the existence of a subsequent transaction chain, the exchange may also trace information about the holder, in which case the exchange can play a role as an `informer' for regulation.” A “currency circle” senior individual revealed to the Chinese Newsweek that, according to him, some exchanges, while not operating domestically, still work closely with domestic regulators and are willing to provide information to the Government?
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