比特币严监管的大幕在2017年正式拉开。
In 2017, the curtain was officially opened under the strict supervision of Bitcoin.
经过前一轮对几家比特币“巨头”一查再查后，央行将调查目标下移，锁定在中小比特币交易平台上。2月8日下午，人民银行营业管理部检查组又约谈了其他9家比特币交易平台的主要负责人。
After a previous round of checks on several bitcoin&ldquao; the giant & rdquao; and after checking again, the central bank moved its investigative targets down and locked them on the medium-sized bitcoin trading platform. In the afternoon of 8 February, the inspection team of the People’s Bank’s Department of Operations Management interviewed the main owners of the other nine bitcoin trading platforms.
随后，2月9日下午，火币网、币行、比特币中国、元宝网、好比特币、云币网、中国比特币、比特币交易网、币贝网等比特币交易所在火币网办公地召开行业大会，商讨行业自律。2月9日晚间，火币网发布公告表示，为全面升级平台内反洗钱系统，有效预防和打击利用比特币进行洗钱、换汇、传销等非法行为，决定从即刻起全面暂停比特币和莱特币提现业务。但人民币提现及其他业务不受影响。行业标准制定及系统升级时间预计1个月，系统升级完成即日恢复比特币、莱特币提币服务。
Subsequently, in the afternoon of 9 February, the Bitcoin Exchanges, the Currency Network, the Currency Bank, the Bitcoin China, the Yuan Treasure Network, the Huotcoin Network, the Chinese Bitcoin, the Bitcoin Exchange Network, and the Bitcoin Network, held a trade general meeting at their premises to discuss industry self-regulation. In the evening of 9 February, the Exchange announced that, in order to fully upgrade the anti-money-laundering system within the platform, effective prevention and suppression of the use of bitcoins for money-laundering, money-changing, and distribution, it was decided to immediately suspend all operations from Bitcoin and Lightcoin.
春节前开始，比特币价格从6300元左右一路走高，2月8日上午已至7500元附近，下午4时左右瞬间跌至6900元，随后又反弹至7500元附近。2月9日晚间火币网发布公告后瞬间跳水8%，截至22:20记者发稿时，报6775元。
The price of Bitcoin rose from about $6,300 to around $7,500 on the morning of 8 February, and fell immediately to $6900 at around 4 p.m. and then bounced back to around $7,500. On the evening of 9 February, after the announcement of the Arsenal Network, 8 per cent jumped, and as soon as 22:20 journalists wrote, $6775 was reported.
不过，交易量却较之此前急剧萎缩。根据Bitcoinity.org数据，过去24小时全球主要比特币交易场所的交易总量在12万枚左右，而监管前曾高达600万枚，期间还一度突破1300万枚。其中，中国的两家平台币行和比特币中国就占交易总量近50%。
According to Bitcoinity.org, the total number of transactions at the world’s major bitcoin trading sites has been around 120,000 over the past 24 hours, compared to 6 million before regulation, which at one point exceeded 13 million. Two of China’s platform banks and Bitcoin China accounted for nearly 50% of the total.
监管再约谈
re-interview
2017年才开始1个多月，比特币就已经经历了“过山车”行情。1月4日，比特币以超过8800元的历史最高价迎接了自己的8岁生日，两周内暴涨了60%，引发社会广泛关注。
After only over a month in 2017, Bitcoin has experienced & & ldquo; & & rdquo; circumstances. On January 4, Bitcoin celebrated his 8th birthday at a historical high of more than $8,800, with a sharp increase of 60% in two weeks, causing widespread social concern.
由于比特币交易具有匿名特性，并且处于银行系统之外，因此被认为是一种可以绕开资本管制的工具。的确，本报曾经报道过，只要用人民币买入比特币，然后转到国外交易平台上，立刻就能变现成美元，资产转移的过程数分钟即可完成。这一“漏洞”与今年以来个人购汇监管加强、对逃汇等行为打击力度加大的趋势背道而驰。
Because of the anonymity of the Bitcoin transaction and its isolation from the banking system, it is considered a tool that can circumvent capital controls. Indeed, the paper has reported that the purchase of bitcoin in renminbi and its transfer to foreign trading platforms can be made into United States dollars immediately, and the process of transferring assets can be completed in a few minutes. This & ldquo; the gap & rdquo; and runs counter to the trend since this year to increase the level of individual money-purchase regulation and the fight against flight.
一位交易所人士告诉第一财经记者，这或许是本轮比特币再次进入监管视野的一个重要原因。
An exchange agent told the first financial journalist that this might be an important reason for the re-entry of this round of Bitcoin into the regulatory landscape.
然而，经过约谈和调查后央行发布的公告可以看出，目前国内比特币交易平台存在的问题不仅仅是绕开外汇管制。
However, the announcement issued by the Central Bank following interviews and investigations shows that the current problem with the domestic Bitcoin trading platform is more than a circumvention of exchange controls.
2月8日下午，人民银行营业管理部检查组又对中国比特币、比特币交易网、好比特币、云币网、元宝网、BTC100、聚币网、币贝网、大红火等9家在京的比特币交易平台主要负责人进行约谈，要求比特币交易平台不得违规从事融资融币等金融业务，不得参与洗钱活动，不得违反国家有关反洗钱、外汇管理和支付结算等金融法律法规，不得违反国家税收和工商广告管理等法律规定。如发现有比特币交易平台违反上述要求，情节严重的，检查组将提请有关部门依法予以关停取缔。
In the afternoon of 8 February, the inspection team of the Ministry of Management of the People's Bank conducted additional interviews with the principals of the nine Bitcoin trading platforms in Kyoto, namely, the China Bitcoin, Bitcoin trading network, the Yuncoin network, the Yuan Treasure Network, BTC 100, the Polygon network, the Currencynet, the Great Red Fire, etc., and demanded that the Bitcoins trading platform should not engage in financial operations such as the financing of coins in violation of the law, that it should not be involved in money-laundering, that it should not violate the country's financial laws and regulations on money-laundering, foreign exchange management and payment settlement, and that it should not violate national laws and regulations on taxation and commercial advertising.
此前，1月11日，央行营管部与北京市金融局、市工商局等相关部门组成联合检查组进驻火币网、币行等比特币、莱特币交易平台，就交易平台执行外汇管理、反洗钱等相关金融法律法规、交易场所管理相关规定等情况开展现场检查。
Prior to that, on 11 January, the Ministry of Central Bank Operations and the relevant departments of the Beijing Municipal Financial Service and the Municipal Chamber of Commerce and Industry formed a joint unit to carry out on-site inspections of the implementation of the foreign exchange regulations, the anti-money-laundering financial laws and regulations, and the regulations governing the management of trading premises.
1月18日晚，央行上海总部向媒体披露了进驻“比特币中国”交易平台现场调查的情况称，初步检查发现，比特币中国存在超范围经营、违规开展配资业务、投资者资金未实行第三方存管等问题。央行上海总部提醒，机构及个人投资者应高度重视该平台存在的风险隐患，维护好自身财产安全。
On the evening of 18 January, the central bank head office in Shanghai revealed to the media the presence of & ldquo; Bitcoin China & & rdquo; and a field survey of the trading platform found that a preliminary examination had found that Bitcoin had over-extended operations, violated its fund-raising practices, and that investors’ funds were not held in third-party custody. The central bank head office in Shanghai warned that institutions and individual investors should attach great importance to the risks of the platform and maintain their property security.
与此同时，央行营业管理部也公告称，自联合调查组进驻币行、火币网后，初步发现这些比特币交易平台违规开展融资融券业务，导致市场异常波动。此外，这些平台均未按规定建立相关反洗钱内控制度。
At the same time, the Department of Operations Management of the Central Bank announced that, since the joint investigation team’s presence in the currency line and the currency network, it was initially discovered that the bitcoin trading platforms were operating in an irregular manner, resulting in unusual market fluctuations. Moreover, none of the platforms had established the relevant anti-money-laundering controls.
1月25日，针对比特币交易平台，人行北京营管部与北京市金融局等部门组成的联合检查组将进一步核查支付结算、反洗钱、外汇管理、信息及资金安全等方面的合规问题，释放出比特币交易监管加强的新信号。
On 25 January, in response to the Bitcoin trading platform, the Joint Inspection Unit, composed of departments such as the Beijing Plumbing Department and the Beijing City Financial Authority, will further verify compliance issues in the areas of settlement of payments, anti-money-laundering, foreign exchange management, information and financial security, and will release new signals of increased regulation of Bitcoin transactions.
交易模式的灰色地带
从央行的调查重点和调查结果可以看出，比特币交易还存在不少灰色地带。
From the central bank's focus and findings, it can be seen that there are still grey areas for Bitcoin transactions.
比特币中国CEO李启元曾表示，监管者对比特币交易所该如何定位，手续费、杠杆、借贷、价格波动、是否24小时营业等问题较为关注。
Bitcoin, China's CEO, Li Quiwon, has stated that the issue of how to locate the Bitcoin exchange by its regulator is of greater concern, such as fees, leverage, borrowing, price volatility and whether to open 24 hours a day.
一位比特币交易所人士、比特币投资者告诉记者，比特币的交易模式确实存在一些灰色地带，但因本身交易的规模和投资者数量都有限，而且作为一种区块链技术支撑下的金融创新，监管对其一直抱着观察的态度。
A Bitcoin exchanger, a bitcoin investor, told journalists that bitcoin trading patterns do exist in grey areas, but that regulation has been observable because of the limited size of their own transactions and the number of investors, and because of the financial innovation that underpins them as a block chain technology.
不过，经过去年底到今年比特币新一轮“牛市”的到来，更多投机者被吸引进入市场。1月5日比特币价格登上历史最高点后发生崩盘，价格在两天之内从8890元左右暴跌至6300元左右；1月11日晚央行进驻三大交易所现场调查的消息传出后，次日比特币价格一度跌破5000元；1月18日晚调查结果公布后，比特币半小时内跳水400元。
By the end of last year, however, more speculators were attracted to the market after the arrival of a new round of & & & & & & & & & & bitcoin at the end of last year. After the price of Bitcoin reached its highest point in history on 5 January, prices fell sharply from about $8890 to about $6,300 in two days; after the news of the Central Bank’s on-site investigation on the three major exchanges on the night of 11 January, the price of Bitcoin fell by $5,000 the following day; and after the results of the investigation were released on the evening of 18 January, the price of Bitcoin fell by $400 within half an hour.
巨大的波幅与部分交易所放开加杠杆炒作不无关系。杠杆的比例甚至高达5倍，忽涨忽跌令很多投资人遭受损失。不仅如此，暴跌过程中，有交易平台甚至发生过短暂的交易中断，引发投资者的强烈抗议。这些都是倒逼监管机构着手调查的导火索。
Moreover, trading platforms and even short-term business breaks during the crash triggered strong protests from investors. These are the triggers that push regulators to investigate.
“暴涨是因为很多人都加了杠杆，每次监管出手都是因为价格窜得特别快，可能会造成很多盲目的投机者入市，每个阶段都会来一次。”一位资深比特币投机者告诉本报记者。同时，交易平台本身是具有“原罪”，理论上讲，交易平台是可以看到交易数据的，平台完全可以趁低买、趁高卖。
& & ldquo; booming because many people are leveraged, and each time the regulation is done with a particularly fast pace of prices, it may cause many blind speculators to enter the market and come once at every stage. ” a senior bitcoin speculator told journalists about the paper. At the same time, the trading platform itself has & ldquo; original sin & & rdquo; theoretically, the trading platform is where transaction data can be found, and the platform can easily be bought and sold.
中国政法大学互联网金融法律研究院院长、教授李爱君告诉第一财经记者，比特币作为一种被投机者炒作的虚拟商品，其核心交易模式有“四宗罪”，理应受到监管的关注和约束。
The director and professor of the Institute of Internet Finance and Law of the Chinese University of Political Science and Law, Li Yijun, told the first financial journalist that Bitcoin, as a virtual commodity being manipulated by speculators, had a core trading model of “ four crimes & rdquao; and should be subject to regulatory attention and restraint.
第一，比特币本身是虚拟资产，并没有价值标准。比特币交易是以比特币为客体，通过平台进行交易，交易平台是否有交易中心或交易所的资质？无资质就不能提供此交易服务，即使有资质也不能违法已成立的法律制度，进行变相集资、洗钱、放贷、操纵市场。
First, Bitcoin is a virtual asset in itself, not a value criterion. Bitcoin transactions are conducted on the basis of Bitcoin, with a platform in which transactions are conducted, and whether there is a trading centre or exchange's credentials.
第二，比特币的交易模式等同于集资，但在我国集资是要有资质的，否则就是非法集资。李爱君告诉记者，比特币刚刚进入我国的时候，就受到来自各方的争议，最终我们将其定义为一种可交易的资产。但无论是期货、现货、金融产品还是大宗商品，只要是作为客体交易就一定要有交易资质。比特币平台大小不一，是否都具有资质，恐怕要打一个问号。
Second, Bitcoin’s business model is equivalent to capital collection, but it is qualified in our country, otherwise it is illegal. Lee Ai-kun told reporters that when Bitcoin first entered the country, it was controversial from all sides, and eventually we defined it as a tradable asset.
第三，异地跨国交易模式有可能违反我国相关的外汇管理规定。投资者可以用人民币购买比特币，然后将比特币在国外换成外币。
Third, there is a risk that the foreign exchange regulations of our country will be violated in the form of foreign exchange transactions. Investors can buy bitcoin in renminbi and then exchange bitcoin for foreign currency abroad.
第四，部分平台进行融资融券加杠杆，相当于在市场里放贷，进一步增加了交易风险。而在我国放贷也需要一定资质的。2015年中，股票市场因为融资融券加杠杆引发了剧烈波动，股票市场是有强监管、信息披露制度和准入门槛等约束之下尚且如此，相比之下，比特币交易的风险将尤甚。
Fourth, some platforms leverage financing coupons, amounting to lending in the market, further increasing transaction risks. And lending in our country also requires qualifications.
三年前，比特币也经历过类似的过山车行情。2013年11月，比特币价格在不到两个月时间里上涨了十倍，从750元上涨到最高7589元，但随后高台跳水，在一个多星期里跌到2000元，累计跌幅达74%。
Three years ago, Bitcoin experienced a similar trip. In November 2013, the price of Bitcoin increased tenfold in less than two months, from $750 to a maximum of $7589, but then jumped high, falling to $2,000 in more than a week, with a cumulative fall of 74 per cent.
在这一轮暴涨暴跌后，监管者迅速出台了监管措施。2013年12月5日，人民银行、工信部、银监会、证监会、保监会联合印发了《关于防范比特币风险的通知》，明确了比特币“不是真正意义的货币，而是一种虚拟商品”的性质，同时禁止中国的银行和支付与直接或间接参与比特币的兑换交易，但普通中国公民仍可将比特币作为一种商品来交易。
On 5 December 2013, the People’s Bank, the Ministry of Trade and Communications, the Silver Supervisory Board, the Certification Committee, and the Insurance Council jointly issued a Notice on Protection against Bitcoin Risk, which identifies Bitcoin“ not a currency of real meaning, but a virtual commodity & rdquo; and the nature of which prohibits Chinese banks and payments and direct or indirect participation in Bitcoin exchange transactions, but allows ordinary Chinese citizens to trade bitcoin as a commodity.
《通知》呼吁社会公众正确认识货币、正确看待虚拟商品和虚拟货币、理性投资、合理控制投资风险、维护自身财产安全，避免因比特币等虚拟商品借“虚拟货币”之名过度炒作，损害公众利益和人民币的法定货币地位。
The Circular calls on the public to have a proper understanding of currency, a proper view of virtual goods and currency, rational investment, reasonable control of investment risks, security of their own property, and to avoid the borrowing of “ virtual currency & & rdquo; excessive pseudonyms to the detriment of the public interest and the legal monetary position of the renminbi in virtual goods such as Bitcoin.
监管倒逼行业自律
Regulates industry self-regulation
2月9日下午，火币网、币行、比特币中国、元宝网、好比特币、云币网、中国比特币、比特币交易网、币贝网等比特币交易所在火币网办公地召开行业大会，商讨行业自律。
On the afternoon of 9 February, the Bitcoin Network, the Currency Bank, the Bitcoin China, the Yuan Treasure Net, the Good Bitcoin, the Yunconet, the Chinese Bitcoin, the Bitcoin Trading Network, the Bitcoin Network and the Bitcoin Network, among others, held a general meeting of the industry at their premises to discuss industry self-regulation.
随后，各平台相继在各自的官方网站上发布公告，主要内容是：为防范通过比特币进行的非法洗钱、换汇、传销活动的可能性，比特币交易所将加强客户身份识别，加强资金来源和提币审核，升级反洗钱规则。发现可疑用户行为，可能采取限制提币、交易、冻结可疑资产的相关措施，并向有关部门上报。
In order to prevent the possibility of illegal money-laundering through Bitcoin, the exchange of money and the transfer of money, the Bitcoin Exchange will strengthen customer identification, strengthen the scrutiny of sources of funds and money withdrawals, and upgrade the anti-money-laundering rules.
此前，1月22日晚间，火币网、币行以及比特币中国三家比特币交易平台各自在官网发布公告称，为了进一步抑制投机，防止价格剧烈波动，将于2017年1月24日12:00起，对比特币和莱特币的交易开始收取交易服务费。此前，上述三家比特币交易平台均不收取交易手续费。
Prior to that, on the evening of 22 January, the Democratic People's Republic of China's three Bitcoin trading platforms, the Democratic Republic of the Congo and the United Kingdom of Great Britain and Northern Ireland, each of which issued an announcement on the Internet on the night of 22 January, stating that, in order to further curb speculation and prevent sharp price fluctuations, trading services fees would begin to be charged for transactions between the two countries on 24 January 2017. Prior to that, none of the three Bitcoins trading platforms had charged transaction fees.
币行CEO徐明星曾对本报记者表示，此前，由于国内平台之间竞争激烈，采取0交易佣金的模式，促使用户反复频繁买卖，形成了很大的交易量，实际上国内平台上比特币真实交易只占到全球的30%左右，大部分的比特币交易还是在国外。
The currency bank CEO Xu Xu has stated to his reporter that, prior to that, because of intense competition between domestic platforms and the use of the zero-trade commission model, which had led to repeated and frequent sales by users, there had been a large volume of transactions, which in fact represented only about 30 per cent of the world's real transactions on domestic platforms, and most of the Bitcoin transactions had been abroad.
前述交易所人士告诉本报记者，1月24日三大比特币交易平台启动双向收取交易费，使得交易量急剧缩水;再者央行已经明确指出停止加杠杆交易，经过一系列整改之后，2月9日的市场调整并没有此前几次那样剧烈。
The exchange told the journalist that on 24 January, the three main Bitcoin trading platforms launched a two-way transaction charge, which sharply reduced the volume of transactions; and that after a series of restructurings, the market restructuring of 9 February was not as intense as it had been before.
徐明星认为，在过去三年里，比特币的基本面存在一定的改善，一些国家监管者开始发放比特币经营牌照，同时，越来越多人认识到比特币背后的技术价值，比特币所代表的区块链技术被视为颠覆金融业的底层技术，将能运用到证券、银行、保险等金融行业。这客观上促使更多的人去了解比特币，这是比特币长期上涨的根本原因。
Xu is of the view that there has been some improvement in the basics of Bitcoin over the past three years, that some national regulators have begun to issue bitcoin licences, and that there is a growing recognition of the technological value behind bitcoin, that the sector chain technology that Bitcoin represents is considered to be the bottom-of-the-line technology to destabilize the financial sector and can be applied to financial sectors such as securities, banks, and insurance. This objectively prompts more people to learn bitcoin, which is the root cause of the long-term increase in bitcoin.
近日，菲律宾央行正式承认比特币为合法支付系统，成为首个给予比特币“金融地位”的国家。该国央行认为，虚拟货币具有变革金融服务提供模式的潜力。除此之外，该国央行还提到比特币所提供的金融包容性，而这一点是传统金融解决方案未能提供的。不过，菲律宾央行也承认加密货币存在一些风险，并强调，希望确保该国不存在洗钱和恐怖主义融资项目。
Recently, the Central Bank of the Philippines officially recognized Bitcoin as a legal payment system, becoming the first country to grant Bitcoin“ financial status & rdquo;. The Central Bank believes that virtual currency has the potential to change the financial service delivery model.
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