华夏时报（www.chinatimes.net.cn）记者 胡金华 上海报道
Washington Times (www.chinatimes.net.cn) journalist Hu Jinhua, Shanghai
资本的逐利性无论是在传统金融、大宗商品市场，还是在当前如“烈火烹油”的加密数字货币市场上，都表现得淋漓尽致。然而号称以区块链为底层技术支撑的加密数字货币，在海外与欧美金融监管不停博弈的过程中，依然存在着无法回避的监管盲区。
The profit-driven nature of capital is evident in traditional financial, commodity-based markets, or in the current market for encrypted digital money, such as “fire-cooked oil.” However, crypto-digital money, known as the chain of blocks, supports the underlying technology, remains an inescapable regulatory blind as financial regulation continues to compete with Europe and the United States abroad.
3月29日，据海外媒体报道，美国和英国正在审查通过俄罗斯一家虚拟交易所进行的逾200亿美元的加密货币交易，受到审查的支付是通过位于莫斯科的加密货币交易所Garantex进行的，使用的是与美元挂钩的加密货币泰达币（即稳定币“USDT”），而这家加密币交易所此前因涉嫌非法交易受到美国和英国制裁。鉴于加密货币交易的复杂性和不透明性，调查正在进行中，目前没有迹象立即表明在英属维尔京群岛注册的Tether Holdings有不当行为。
On 29 March, according to overseas media reports, the United States and the United Kingdom were reviewing over $20 billion in encrypted currency transactions through a virtual Russian transaction, and the payments under review were made through Garantex, a Moscow-based crypto-currency exchange, using the United States dollar-linked encrypted currency, Tedar, or “USDT”, which had previously been sanctioned by the United States and the United Kingdom for suspected illegal transactions. Given the complexity and opacity of encrypted currency transactions, the investigation was ongoing and there was no immediate indication that there had been misconduct on the part of Tether Holdings, registered in the British Virgin Islands.
“海外加密数字货币市场现在出现两个极端情形：一面是以比特币为首的加密币价格普遍上涨，显示一轮明显的‘牛市’，外围增量资金纷纷涌入，这背后也凸显美元降息预期之下全球资金在寻找投资目标；另一面，海外的加密币交易平台尤其是头部平台，以及俄罗斯的交易平台受到严密监视，这也表明欧美监管不会放纵加密币平台的资金野蛮流动，尤其是200亿美元USDT流入俄罗斯这样一个大BUG出现，引起美英的警觉，这背后还是欧美金融监管想要掌控加密资金流动向。”4月1日，海外某加密币平台市场总监Sopha Chen告诉《华夏时报》记者。
“There are two extremes in the offshore digital currency market: the general rise in the price of encrypted currency, headed by bitcoin, which shows a clear “cow market” and an influx of extra capital on the periphery, which also highlights the fact that global funds are looking for investment targets under the dollar's reduction expectations; and the close scrutiny of overseas platforms for the exchange of encrypted currency, especially head platforms, as well as Russian trading platforms, which also shows that European and United States regulation will not allow the brutal flow of funds from cryptophone platforms, in particular the emergence of such a large BUG as the $20 billion USDT into Russia, which alerts the United States and the United Kingdom, behind which European and United States financial regulations want to control the flow of encrypted funds.” On 1 April, the head of the market of a foreign encryption platform, Sophe Chen, told the Washington Times journalist.
加密币交易如何监管
how to regulate encrypt currency transactions
在业内人士看来，加密币交易除了传统金融市场的逐利本质之外，由于其隐私性和不受传统监管控制，会产生更多看不见的利益交换。
In the opinion of industry, in addition to the pro-profit nature of traditional financial markets, the exchange of encrypted currency would result in more invisible exchanges of interests because of its privacy and its absence from traditional regulation.
“比如说，全球金融监管框架下洗钱行为是严重的违法，但是加密币交易要比寻常的走地下钱庄洗钱更难被发现；还有如暗网中的一些色情、毒品、犯罪、走私等行为，加密币交易同样可以逃脱全球刑司机构的监控。这些利益交换并不新鲜，从比特币问世之日起就逐渐显现，参与的交易者慢慢发现加密币交易不仅可以用来买东西，还可以吸引更多的炒家进来推高加密币价格，进而可以充当更多不法交易的媒介。但是一般来说，加密币炒作交易都是围绕着具体的币种本身来说，作为稳定币的USDT以百亿美元级别被充当转账之用，这种事情自加密币问世以来还是第一次，这一信息的真实性还有待观察。”上海一家咨询机构相关人士王衡（化名）对本报记者分析指出。
“Money-laundering under the global financial regulatory framework, for example, is a serious offence, but it is more difficult to detect than conventional money-laundering; there are also some cases of pornography, drugs, crime, smuggling, and so on on in the dark web, where encrypted currency transactions can also escape surveillance by the global criminal justice agencies. These exchanges of benefits are not new, as they became apparent from the date of Bitcoin's death, and participants slowly find that the encoded currency transactions not only can be used to buy things, but can also attract more snobs to push up the price of the encoded currency, thereby acting as a medium for more illegal transactions.
事实上，泰达币这一名字外界并不熟悉，但是它的另外一个名字“USDT”则在全球资本圈广为熟知。
In fact, the name Titanic is not well known, but its other name, USDT, is well known in the global capital circle.
“因为炒家要参与加密币投资，不能用自己国家的法定货币，而是要先将法币兑换成美元，然后再将美元以1:1兑换成USDT，那么USDT就可以理解为加密币市场的通用‘货币’，无论是获利还是亏损出局都要将资金转回自己的账户，同样是先将USDT换成美元，再将美元以不同的汇率换成各国的法币。USDT是全球最大的美元稳定币，在法定货币和加密货币之间充当交易媒介。然而，本次调查揭示了欧美金融监管无法完全切断资金流动，此外，调查还凸显了加密货币交易的复杂性和不透明性，其中的风险根本不是个人能够承受的。”市场资深炒家小明（化名）受访时透露。
“As scoffers are involved in the investment of encrypted currency, they cannot use their own national legal currency, but have to convert the French currency into the United States dollar before converting the dollar into the United States dollar to the United States dollar at 1:1, the USDT can be understood as the universal ‘currency’ of the encrypt currency market, which, for profit or loss, is to transfer the funds back to their accounts, as well as to replace the USDT with the United States dollar and the dollar with different exchange rates. The USDT is the largest stable dollar in the world, serving as a medium for transactions between the legal and encrypted currencies.
就在外界猜测到底是谁或者组织乃至国家向俄罗斯交易所转入如此巨款时，有消息爆料称，是一家叫菲利普斯的美国能源公司秘密进行了这笔交易。
Just as the outside world guessed who or the organization and even the State had transferred such a huge sum to the Russian exchange, it was reported that an American energy company called Phillips had made the deal in secret.
“要查200亿美元的USDT转换，对于美国来说，其实是非常容易的。全球跨境交易资金流动都掌控在美国大型银行SWFIT结算体系中，这么大一笔美元资金转换成USDT，美国的金融机构不可能完全不知道。但是，USDT事实上并没有注册在美国，所以美国想要完全了解加密币完整的流动轨迹，也有难度。”王衡指出。
Global cross-border financial flows are controlled by large US banks in the SWFIT clearing system, and this dollar amount is converted to USDT, which US financial institutions cannot be completely unaware of. But, in fact, USDT is not registered in the US, so it is difficult for the US to get a complete picture of the complete flow trajectory of encrypted currencies.
根据公开资料显示，注册地为马恩岛和香港的公司于2014年11月下旬将Realcoin改名为Tether（泰达）；2015年2月，当时比特币期货交易量最大交易平台bitfinex宣布支持泰达币也即USDT交易，随后竞争币交易平台Poloniex交易所也支持USDT。P网凭着以太币强势崛起，在竞争币交易平台中隐有龙头之势，也顺带提携了USDT的交易量。USDT的发行和交易使用的是Omni（原Mastercoin）协议，而Omni币可以说是市面上的第一个基于比特币区块链的2.0币种。所以USDT的交易确认等参数是与比特币一致的。根据Tether的CTO及联合创始人Craig Sellars 称，用户可以通过SWIFT电汇美元至Tether公司提供的银行账户，或通过Bitfinex交易所换取USDT。赎回美元时，反向操作即可。用户也可在上述两个网站用比特币换取USDT。
According to public sources, companies registered for the Isle of Man and Hong Kong changed the name of Realcoin to Tether (Teda) in late November 2014; in February 2015, Bitfinex, the then largest trading platform for Bitcoin futures, announced its support for the Titanic, or USDT, followed by the USDT Exchange of Poloniex, the competitive currency trading platform. The PNet recognized such parameters as being consistent with the Bitcoin, with its strong position in the currency, and its dominant position in the competitive currency trading platform, as well as carrying the volume of the USDT. USDT was issued and traded using the Omni (formerly Mastercoin) agreement, which was the first market based on US$ 2.0 in the Bitfin chain.
也有加密币平台人士告诉记者：“实际上，你可能查不到Tether具体的办公地址，它就分散在全球的人群当中，属于一种国际化办公模式，而它所要规避的就是让全球金融监管查询不到。”
There is also an encryption platform that tells journalists: “In practice, you may not be able to find Tether's specific office address, it is scattered among the global population, it is an internationalized office model, and what it avoids is that global financial regulation is not accessible.”
背后的博弈
The game behind the strong
在市场资深人士看来，加密币交易以及背后交易平台实质上都是去中心化形态，也使得传统金融与加密币市场一直处在激烈的博弈之中。而这次200亿美元稳定币USDT可以绕过欧美SWIFT监管自由流出事件一旦确认，最终又查不出资金来源，可能“撕开”一个口子——就是传统的美元资金结算体系终究会被加密币资金流动冲击。
In the view of senior market figures, encrypt currency transactions and the underlying trading platforms are essentially decentralized, which has kept the traditional financial and encrypt currency markets in a heated game. And this $20 billion stabilizer, US$20 billion, could bypass the Euro-American SWIFT regulatory freedom of movement and, eventually, identify the source of funds, possibly “crushing” one mouth – that is, the traditional dollar-based financial settlement system will eventually be hit by the flow of encrypt currency.
“可以设想一下，为什么全球加密币交易一开始就不直接使用美元交易，而要增加一个稳定币兑换的繁琐环节，这其实是一个精妙的设计。因为加密币交易直接使用美元结算，那么加密币的所有资金流向全部掌控在SWIFT系统中，这跟传统金融市场没有任何区别，只不过交易的对象从股票、黄金、石油变成了加密货币而已，那么用同样的加密数字货币来替代美元，进而统一全球的加密币交易媒介，可以脱离欧美金融系统的监管。这也可以解释为何几乎大部分的加密币平台都设在‘避税天堂’，工作人员则是‘居无定所’。”Sopha Chen指出。
“It is conceivable that global encrypt currency transactions will not start directly with the United States dollar, but with an additional cumbersome link to stable currency exchange, which is actually an elaborate design. Because encrypt currency transactions are settled directly with the United States dollar, all financial flows of encrypt currency are controlled by SWIFT systems, which is no different from traditional financial markets, except that the subject of the transaction is from stock, gold, oil to encrypt currency, so that the same encrypted digital currency is used to replace the dollar and thus to unify the global encrypt currency trading medium away from the regulation of the European and American financial systems.
此下一城，彼下一役！记者也了解到，围绕加密币市场与欧美金融监管的博弈当前处在一个微妙的平衡中。
The next city, the next one! The journalists also learned that the game around the encrypt currency market and Euro-American financial regulation is currently in a delicate balance.
“从此前美国证交会通过比特币现货ETF，主流资金纷纷进场可以看出，美国金融监管不仅仅是给加密币交易开了方便之门，更重要的是随着主流资金的入场，可以更好地监控加密币资金的流动，当前万亿美元级别加密币交易规模其中可以滋生各种合法或非法的逐利行为，美国的金融监管显然不想放弃中心化的金融监管；但是反过来从这次海外突然曝出200亿美元USDT仍然可以在英美金融监管眼皮底下顺利进行，又证明了欧美金融监管想要一举控制加密币交易中心化，反而被将了一军。”王衡表示。
“It is clear from the previous arrival of mainstream funds through the Bitcoin spot ETF by the SEC that financial regulation in the United States could better monitor the flow of funds in encrypted currency, not only by facilitating the exchange of encrypt currency, but also, more importantly, with the entry of mainstream funds, that the scale of the current trillion-dollar encrypt currency transactions could breed legal or illegal profit-seeking practices, and that financial regulation in the United States clearly did not want to abandon centralized financial regulation; but in turn, the sudden exposure of $20 billion in USDT abroad could continue under British and United States financial supervision, and proved that European and United States financial regulation wanted to control the centralization of encryptic currency transactions, but instead became an army.” Wang Xing said.
而在市场上，本报记者梳理发现，就在这一消息公布之后的3月29日，比特币价格反而上涨4.15%至7.14万美元/枚，而截至记者发稿，比特币价格则出现急速回落大跌超过5%跌至6.7万美元下方。
On the market, on 29 March, immediately after the release of the news, the newspaper journalist found that the price of Bitcoin had risen by 4.15 per cent to $7.14 million per piece, while by the time of the press release, the price of Bitcoin had fallen sharply by more than 5 per cent to the bottom of $67,000.
“很难说比特币价格的下跌是受此消息影响，不过美联储今年上半年都维持不降息的表态显然对加密币交易产生影响。随着本周的到来，加密币出现了抛售，尤其是过去六个月价格超过比特币的行业，比如Menmecion等。”4月2日，QSL SG Pte驻新加坡交易主管Stefan von Haenisch接受《华夏时报》记者采访时表示。
“It is hard to say that the fall in Bitcoin prices was influenced by this news, but the Fed’s maintenance of a non-cut-rate stance during the first half of the year clearly had an impact on encrypt currency transactions. With the arrival of this week, the encrypt currency has been sold, especially in industries whose prices have exceeded bitcoin over the past six months, such as Menmecion.” On April 2, QSL SG Pte’s Singapore Trade Manager, Stefan von Haenisch, stated in an interview with a Washington Times journalist.
责任编辑：徐芸茜 主编：公培佳
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