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5月18日，针对近期虚拟货币价格暴涨暴跌，虚拟货币交易炒作活动有所反弹现象。中国互联网金融协会、中国银行业协会、中国支付清算协会联合发布《关于防范虚拟货币交易炒作风险的公告》。
On May 18, in response to the recent sharp rise and fall in the prices of virtual currencies, the virtual currency trading campaign rebounded. The China Internet Finance Association, the China Banking Association, and the China Payments Clearing Society jointly issued a bulletin on protection against the risks of virtual currency trading.
《公告》指出，要正确认识虚拟货币及相关业务活动的本质属性。有关机构不得开展与虚拟货币相关的业务。
The bulletin states that it is important to have a proper understanding of the properties of the virtual currency and related operations.
公告要求，坚决抵制虚拟货币相关非法金融活动，不为虚拟货币交易提供账户和支付结算、宣传展示等服务，同时提示社会公众加强风险防范意识，不要参与虚拟货币相关交易炒作活动，谨防个人资金受损。
The bulletin calls for a firm boycott of illicit financial activities related to virtual currency, the non-provision of accounts and payment settlements, publicity and other services for virtual currency transactions, while alerting the public to increase its awareness of risk prevention, to refrain from participating in virtual currency-related transactions and to guard against the loss of personal funds.
公告表示，虚拟货币无真实价值支撑，价格极易被操纵，相关投机交易活动存在虚假资产风险、经营失败风险、投资炒作风险等多重风险。从我国现有司法实践看，虚拟货币交易合同不受法律保护，投资交易造成的后果和引发的损失由相关方自行承担。
The bulletin states that virtual currency is not supported by real value, that prices are highly susceptible to manipulation, and that there are multiple risks associated with speculative activities such as false asset risk, business failure risk, and investment risk. In our current judicial practice, virtual currency exchange contracts are not protected by law, and the consequences and losses of investment transactions are borne by the parties themselves.
对此，「看懂经济」邀请了几名专家对此话题进行了深度解读。
In this regard, the Economics Watch invited a number of experts to provide an in-depth reading of the topic.
王衍行
The king travels.
人民大学重阳研究院高级研究员
Senior Research Fellow, Chongyang Institute, People's University
由于中国不是虚拟货币交易合法化的国家，所以，也无从获得其在中国交易的真实数据，一种占上风的观点是，中国有可能是虚拟货币交易量的绝对大国。
Since China is not a country where virtual currency transactions are legalized, it has no real data on its transactions in China, and a dominant view is that China may be an absolute power in the volume of virtual currency transactions.
虚拟货币持有人极端的风险在于其可能血本无归，虚拟货币无真实价值支撑，价格极易被操纵，相关投机交易活动存在虚假资产风险、经营失败风险、投资炒作风险等多重风险。
The extreme risk for virtual currency holders is that they may be bloodless, that virtual currency is not supported by real values, that prices are highly susceptible to manipulation, and that there are multiple risks associated with speculative activities, such as false asset risks, risks of business failure, risk of investment speculation, etc.
在这样一个大背景之下，三大协会发布防范虚拟货币交易炒作风险警示公告，重要性非同小可。
Against such a broad background, the three associations issue risk alerts against virtual currency transactions, which are of particular importance.
公告里有道义劝说的成分，亦或先礼后兵，但同时构成中国即将严厉打击虚拟货币炒作的前奏，虚拟货币炒作者不应该置若罔闻，拿鸡蛋往石头上碰。特别需要引起注意的是，公告中提出的：“涉嫌非法集资、非法发行证券、非法发售代币票券等犯罪活动。”措辞严厉，下一步，必然言出法随，这是在向三大协会的会员单位、虚拟货币炒作者提出明确要求，毫无疑问，任何以身试法的单位或个人，都是在搬起石头砸自己的脚。勿谓言之不预也。
The announcement contains elements of moral persuasion or courtesy, but it also constitutes a prelude to China’s imminent severe attack on the virtual currency campaign, which should not be ignored by its authors, who take eggs and touch them with stones. Of particular note is that it states: “It is suspected of criminal activities such as the illegal collection of funds, the illegal issuance of securities, and the illegal sale of coupons.” The strict wording, and the next step, must be followed by a clear request to the three major associations’ members, virtual currency producers, that undoubtedly any unit or individual who tries to do so is throwing stones at their feet.
苏筱芮
Sonore.
金融科技资深评论员
Senior Commentator, Financial Science and Technology
三家机构本次发文与此前博鳌亚洲论坛上的官方发言、中信银行禁止账户用于虚拟货币交易等相呼应，仍然体现了监管方对于严禁虚拟货币交易的严格态度。
This communication by the three institutions, echoing previous official statements at the Asian Forum in Boone, and the ban on the use of accounts for virtual currency transactions by Sino-Bank, still reflects the strict attitude of regulators towards the strict ban on virtual currency transactions.
同时，在当前的虚拟货币交易模式中，设立在境外的虚拟货币交易所通过C2C模式绕过监管，银行、支付机构不经意间提供了支付渠道，难以识别个人账户中资金的真正来源与流向。在监管进一步细分禁止事项后，平台方被提出更高的管控要求。依托虚拟货币火热行情而冒头的各类违规行为，也将无所遁形。
At the same time, in the current virtual currency trading model, the establishment of a foreign virtual currency exchange bypasses regulation through the C2C model, and banks and payment agencies inadvertently provide channels of payment that make it difficult to identify the true source and flow of funds in individual accounts. Once regulations have been further broken down, the platform is subject to higher regulatory requirements.
虚拟货币对实体经济的价值还未展现，而缺乏明确交易监管规则的虚拟货币风险极高，且具有很多投机性、炒作性。对于普通投资者而言需要注意避险，避免抱有侥幸心理，最终造成资金损失。
Virtual currencies have yet to demonstrate their value to the real economy, and virtual currencies that lack clear rules to regulate transactions are highly risky, speculative, and preposterous. For ordinary investors, care needs to be taken to avoid risk avoidance, leading to financial losses.
韩海庭
Han Hae-ting.
哥本哈根大学电子市场中心研究员
Researcher, Centre for Electronic Markets, University of Copenhagen
虚拟货币作为一类不太成熟的资产，价格波动是很正常的；尤其是虚拟货币没有实际价值锚定，其价格波动完全靠市场投机者炒作和投资者信心左右。当前市场流量大V的恶意操作，监管政策风险加剧，价格暴涨暴跌也就很容易理解了。
As a less mature type of asset, price volatility is normal; in particular, virtual currency has no real value anchoring, and price volatility is driven entirely by market speculators and investor confidence. The current malice of market-flowing V, with increased regulatory policy risk, is easy to understand.
普通金融投资无论风险高低，基本都有资产作为锚定，这是虚拟货币与普通金融最核心的区别。虚拟货币在发行市场宣称的是“使用权”，类似于产品众筹；在二级交易市场完全就是交易token（代币）。
General financial investment, regardless of risk, is basically anchored by assets, which is the most central difference between virtual currency and ordinary finance. Virtual currency claims “access rights” in the issuing market, similar to product crowd-sourcing; in the secondary trading market, it is entirely a transaction totoken.
如果有产品和服务支持虚拟货币支付，当然是利好，但是目前来看市场对这种需求和预期并不强烈。除了顶级大V带货（如特斯拉支持比特币支付），一般产品和服务以虚拟货币支付，对市场影响不大。根本在于在虚拟货币投资市场大家更关注价格和获利，少有人真正追求价值投资和使用支付。
Products and services support virtual currency payments, of course, but markets are not as strong at this point in time as they are expected. With the exception of top V-carrying (e.g. Tesla supports Bitcoin payments), general products and services are paid in virtual currency, with little impact on the market.
遇到强监管，可能短期热度会下降，但是在没有产生一个新的投机工具的时候，虚拟货币市场还会一次又一次炮制出新的虚假繁荣。
In the face of strong regulation, the heat may decline in the short term, but in the absence of a new instrument of speculation, the virtual currency market will create new false booms over and over again.
杜猛
Doo-joo!
独立经济学家、中企资本联盟主席
Independent Economist, President of the China Enterprise Capital Alliance
比特币从产生起就饱受争议。由于其高度匿名性，投资人担心其存在着成为毒品交易和洗钱的工具的风险，曾经有黑客入侵电脑盗走私人比特币和信息泄露的报道。早在2011年 6月19日发生的网络盗窃及黑客攻击mt.gox的事件，导致成千用户的信息、密码泄露，当天的比特币币值也在短时间内从17.5美元跌至0.01美元。
Because of their high level of anonymity, investors are concerned about the risk of becoming a tool for drug trafficking and money-laundering, and there have been reports of hackers hacking computer smugglers into bitcoin and leaking information. Internet theft and hacking of mt.gox as early as 19 June 2011 led to thousands of users leaking information, passwords, and a short-term drop in the value of bitcoin from $17.5 to 0.01.
目前，比特币市场波动巨大，收益率超高的同时也是高风险，不适合普通投资者介入。
At present, the Bitcoin market is highly volatile and the rate of return is too high to be suitable for intervention by ordinary investors.
王赤坤
Wang Chi Quan
独立经济学家
Independent economists
三大协会此次发布的公告内容对虚拟交易货币可以说是致命一击、釜底抽薪，类似于对居住房屋的断水+断电+封路。
The announcement issued by the three major associations on this occasion can be described as a fatal blow to the virtual trading currency, with a pay cut at the bottom, similar to the cut-off of water + the cut-off of electricity + the closure of the roads of the dwelling.
互联网金融协会对所属会员的约束力较差，只是象征性的呼吁和教育作用。银行业协会和支付清算协会所属会员基本上是金融机构，如果银行业协会和支付清算协会相关会员能严格执行协会要求，那么虚拟货币参与者将无法从通过正规银行拿到虚拟交易获得的收入。对虚拟货币交易形成最后一公里堵截和绞杀。
The Internet Finance Association (IFA) is less binding on its members, but it is a symbolic appeal and an educational role. The banking association and the payment clearing association are basically members of financial institutions, and if the relevant members of the banking association and the pay clearing society are able to strictly enforce the Association’s requirements, virtual currency participants will not be able to obtain income from virtual transactions through regular banks.
安光勇
An Gwang Yong.
中国并购公会信用管理专委会专家
Expert, Committee on Credit Management, China Merger and Purchase Association
考虑到虚拟货币的各种问题，三协的公告，还是非常及时的。
In view of the problems of virtual currency, the bulletins of the three unions were still very timely.
虚拟货币主要是因为没有与实体挂钩（如：黄金、石油、国家信用等），不具备货币应该有的稳定性，因此其币值波动很大。大部分情况下不遵循市场法则。
Virtual currencies are largely due to the fact that they are not tied to entities (e.g. gold, oil, national credit, etc.) and that they do not have the stability they deserve, and therefore their currencies are highly volatile. In most cases, market rules are not followed.
“不得开展虚拟货币相关业务”的决定很正确也很及时，避免了更大损失的发生。尤其是目前经济下滑，疫情导致全球大量印钞等各种不确定因素的情况下，能够避免多出来的钱的盲目投资。
The decision to “no virtual currency-related business” is correct and timely, avoiding even greater losses. Especially in the current economic downturn, where the epidemic has led to uncertainty about large amounts of money being printed around the world, the blind investment of extra money can be avoided.
同时，不可追踪（不利于反洗钱追踪）等问题，未来的方向只能是一刀切的模式，很少会有中间的折中的模式。
At the same time, issues such as non-traceability (which does not facilitate the tracing of money-laundering) can only be approached in a one-size-fits-all manner, with few intermediate models.
李国旺
Li Guofang
浦江金融论坛秘书长
Secretary-General, Pujiang Finance Forum
三大协会作为行业标准制定者和会员利益维护者，现超过协会边界之虚拟货币等金融产品，及时发布公告提醒及警示会员不得进行交易或相关金融业务，是协会章程规定的职责所在，也是三大协会自觉维护会员利益、防范金融风险的举措。
The three associations, as industry standard-setters and member-interest defenders, which now exceed financial products such as the virtual currency of the association's borders, issue timely alerts and alert members not to engage in transactions or related financial operations, are part of their responsibilities under the association's statutes, as well as consciously defending the interests of the members and protecting them against financial risks.
公告发布将有效约束相关会员行为，有利于会员遵纪守法，堵住风险漏洞，同时对泡沫化之虚拟货币市场形成遏制作用。
The publication of the bulletin will effectively regulate the behaviour of the members concerned, facilitating their compliance with the law and closing the risk gap, while at the same time providing a deterrent to the bubble-based virtual currency market.
原标题：《如何看待三大协会发文，禁止虚拟货币相关业务？》
Original title: How to view the issuances of the three associations to ban virtual currency-related operations?
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