? 9月8日，一则消息称监管当局决定关闭中国境内虚拟货币的交易所，这涉及“币行”、“火币网”和“比特币中国”等为代表的所有虚拟货币与法币之间的交易所。随后又有媒体向火币网等平台求证，不过平台方均表示未接到相关通知。
# On September 8, a news report said that the regulatory authority had decided to close a virtual currency exchange in China, which involved all virtual currency and French currency transactions represented by “currency lines,” “Marketnet” and “bitcoin China.” The media then turned to platforms such as the Arsenal Network, although none of the parties to the platform indicated that they had been notified.
? 据相关人士透露，此次虚拟货币交易所的清理行动由各地金融办作为执行主体，9月8日确实传达了监管层对于交易所的监管意见，要求各大交易所在当天完成下架ICO虚拟代币，但交易所是否立即关闭未知。
According to sources, the clearing of the virtual currency exchange was carried out by the local financial offices, and on 8 September the regulatory opinion on the exchange was communicated, requiring the major exchanges to complete the next ICO virtual currency on the same day, but it was not known whether the exchange was closed immediately.
? 值得注意的是，9月9日国内三大虚拟币交易平台之一的中国比特币已经停止其平台上的ICO代币EOS的交易，其他中小型平台也基本都暂停了近期国内ICO募集代币的交易。由此，监管层对于ICO虚拟代币的一刀切监管已基本执行完毕。
It is worth noting that on September 9, one of the country’s three virtual currency trading platforms, China’s bitcoin, stopped trading on its platform, the ICO token EOS, and other small and medium-sized platforms largely suspended the recent domestic ICO collection. As a result, regulatory regulation of the ICO’s virtual token has been largely completed.
? 那么，监管层重点打击的ICO虚拟代币究竟是什么？针对ICO虚拟代币的一刀切监管又是如何执行的？
♪ So what is the ICO virtual token that the regulatory level focuses on? How is one-size-fits-all regulation of ICO virtual tokens enforced?
ICO虚拟代币是什么？
What's the ICO virtual token?
? 公开信息显示，目前国内的ICO项目基本都是使用的代币系统。代币是一个计算机科学上的概念，它代表一个总账（区块链）上的记账权。通过募集虚拟货币来支持项目发展的一种新的融资方式，但在中国人民银行参事、中欧陆家嘴国际金融研究院常务副院长盛松成看来，“ICO涉及到一对多融资，类似众筹或募股，对融资项目及投资者适用性应该有一定的监管。”
Public information indicates that the current ICO project in the country is basically a proxy system. The token is a computer science concept that represents the right to account on a master account (block chain). A new way of financing is to support project development through the collection of virtual currency, but, according to the Chinese People’s Bank Counsellor and the Permanent Vice-President of the International Finance Research Institute of Central European Land and Land, “ICO involves more than one pair of financing, similar to public fund-raising or fund-raising units, and there should be some regulation of the applicability of financing projects and investors.”
? 对于盛松成的观点，业内人士进一步补充，此次监管重点打击对象为通过ICO募集的“虚拟代币”。那么何为“虚拟代币”呢？
What about “virtual tokens” when the regulatory focus is on “virtual tokens” collected through the ICO?
? 业内专家认为，虚拟代币不存在独立的区块链，所以需要“寄生”在另外一个区块链系统上，没有自己独立的Github代码库，仅仅存在流通功能，所以几乎没有价值。通俗来讲，虚拟代币本身是“借鸡下蛋”的行为，其本身不具备“区块链”，单纯“寄生“在其他货币的“区块链“上，利用智能合约进行登记即可，由于实现这一过程十分便捷，也给非法集资、传销等不法行为提供了便利条件，形成了传销币和“空气币”。国内比较知名的通过ICO募集的代币有EOS、OMG、PAY等，均没有上线任何主链，仅仅是“空气币”。
In the opinion of industry experts, the virtual tokens do not have an independent block chain, so they need to be “sented” on another block chain system, without their own independent Github code library, with only a circulation function, so they have little value. Generally speaking, the virtual tokens themselves are an “egg lending” and do not have a “block chain” themselves. The mere “selling” is “on the “block chain” of other currencies, registration using smart contracts is sufficient. This process is facilitated by the fact that illegal collection, distribution, etc., has facilitated the creation of currency distribution and “air currency”. None of the country's more well-known coins collected through ICO, such as EOS, OMG, PAY, etc., have any chain of origin, just “air currency”.
? 与“虚拟代币”相对的是真正的“数字货币”。即真正意义上的数字货币。其拥有自己独立的能自持维护的区块链，有自己的代码库。数字货币有“挖矿机制”，有矿机、矿池，由独立的钱包，有独立的核心算法，开发成本极高。比如比特币BTC和以太坊ETH是基于工作量证明机制POW，比特股是基于权益量证明机制POS，而达世币Dash和超级现金HSR是基于混合量证明机制POH，这一类的数字货币拥有各自独立的区块链系统，和内在的共识机制支持，在金融、云计算、大数据、物联网等领域正逐渐获得广泛的应用。
Compared to the “virtual indecency” is the real “digital currency” – that is, digital money. It has its own independent and self-sustaining chain of blocks and has its own code bank. Digital money has its own “mining mechanisms” with mine machines, ponds, separate wallets, independent core algorithms, and very high development costs. Bitcoin BTC and Ether ETH are based on workload proof mechanisms Pow, while the Bitcoin and Super-cash HSR are based on equity certification mechanisms POS, a digital currency in this category has their own separate network systems, supported by built-in consensus mechanisms, and are gradually being applied widely in areas such as finance, cloud computing, big data, and networking.
ICO代币的毒瘤是如何形成的？
How did the cancer of ICO be formed?
? 据业内人士称，目前开发一套真正的数字货币系统平均开发成本至少2000万美金，全球能够有开发能力程序员的不超过1000名。
According to industry sources, the average cost of developing a real digital monetary system is currently at least $20 million, with no more than 1,000 development programmers globally capable of doing so.
? 正因为如此，澳大利亚、韩国、日本等国的优质项目均为有实力的上市公司或者大企业集团才能发起，并且经过长时间的酝酿。但在中国，ICO却被某些不法分子作为低成本吸金的诈骗工具。通俗来讲，ICO代币大部分都为传销币、“空气币“，也是监管重点打击的对象。
But in China, the ICO has been used as a tool for low-cost gold fraud by some outlaws. Generally speaking, the ICO’s tokens are mostly for currency transfer and “air currency” and have been targeted by regulatory priorities.
? 据此前媒体报道，澳大利亚第一个数字货币项目Hcash经过一年多的准备，不仅有密码学技术突破、还有具体的应用场景，例如在澳大利亚众多商场实现了支付宝和微信的集成接入以及数字资产的抵押。而韩国首个数字货币项目ENTCash到本月才正式上线，其为韩国上市公司发起，众多国际知名艺人宣布加入这一娱乐数字支付生态，实现了支付场景的落地，这才得以发行。
As a result, the former media reported that Australia’s first digital money project, Hcash, had been prepared for more than a year, not only for cryptography breakthroughs, but also for specific applications, such as integrated access to payment treasures and micro-credits and collateral for digital assets in a number of Australian malls. The first digital currency project, ENTCash, was officially launched this month for Korean listed companies, and many internationally renowned artists announced their participation in the entertainment payment ecology, which led to the release of the payment scene.
而国内则恰恰相反。
Domestically, the opposite is true.
? 记者调查后发现，在没有明确监管的背景下，ICO造假产业链十分完整，这其中被全皮包装的ICO项目的关键要素包括：项目发行人—掮客—站台的意见领袖—提供代码的码农—ICO平台。
• A journalist survey found that, in the absence of clear regulation, the ICO counterfeiting of the industrial chain was complete, and among the key elements of the ICO project, which was fully packaged, were the coded farmers-ICO platform provided by the project issuer, the broker, the opinion leader of the platform.
? 更令人吃惊的是，在ICO项目发行江湖里，带项目白皮书、有人给站台、源代码齐全、平台官网还有钱包功能，这一系列完整造假产业链的甚至用不上20万元。
Even more surprising is the ICO project, which has been launched with a white paper on the project, a full platform, a full source code, a network of platform officers and wallets, and which does not even cost $200,000 to complete the counterfeiting of the industrial chain.
? 对于跟风的投资人来说，他们并不关心项目靠不靠谱，只关心能不能搭上庄家快车，拉高币价，带他们起飞——他们从来不觉得，自己会成为韭菜。
♪ For the windy investors, they don't care that the project is off-limits, they just care that they can get on a dealer's Express, pull up the price, take them off ♪ ♪ They never think they're gonna become pickles. ♪
? 有业内人士接受媒体采访时表示：只需要20几万，一个ICO项目就能启动，开始圈钱，掮客、推手、庄家，分食“韭菜大餐”。“这种行业毒瘤岂有不打击的道理？”
# When people in the industry interviewed in the media, they said that it was only 200,000, and that an ICO project could start, and that it would start with money, pickers, pushers, bankers, and split up the ‘cooked meal’. “Is there any reason for this industry’s cancer to be unshocked?”
? 盛松成对此明确表示，大量散户甚至‘大妈’的入场正是一个风向标——ICO到了需要监管层介入的时候了。这一次整顿主要是为了风险警示和保护投资人利益。
# It is clear from Mr. Yin Xin that the arrival of a large number of dispersed households, even ‘Grandma,’ is a sign of wind – the time has come for the ICO to need regulatory intervention. This is a major overhaul to warn risks and protect investors’ interests.
他认为：“ICO的迅速发展引起了监管层的关注是很正常的。用传统法律看，ICO具有众筹、募集资本的嫌疑，放任发展不予以监管是有很大风险的。大量的没有前途的项目甚至本身就是欺骗，不仅让投资者承担巨大风险，也让真正区块链创业的团队颇多抱怨，实际上造成了劣币驱逐良币的不良后果。”
In his view, “it is normal that the rapid development of the ICO has raised concerns at the regulatory level. In traditional law, the ICO is suspected of raising and collecting capital, and leaving development unsupervised is risky. A large number of projects with no future even deluded, leaving investors not only at great risk, but also the team of genuine block-link entrepreneurs complaining, with the negative consequences of deposing bad currency.”
? 事实也正是如此，上述业内人士称，两相比较，在高额的开发成本与低廉的“寄生“费用下，目前国内并没有一家拥有自主开发“数字货币“系统的ICO项目。
Indeed, according to the above-mentioned industry, there is currently no ICO project in the country that has the autonomy to develop the “digital currency” system, in contrast to the high development costs and the low “sending” costs.
? 而监管的适时出手，也让业内最后坚持理性的一群人，看到了希望。
♪ And the timing of regulation gives hope to a group of people within the industry who are finally rational.
? 专家指出，随着市场的发展和监管的加强，数字货币领域会逐渐走向规范。将来，部分合规的企业有望获得更好的发展空间，而监管方式也有望逐渐走向分类监管。
Experts note that, as markets develop and regulation improve, the digital currency sector will gradually move toward regulation. In the future, some compliant firms are expected to gain better development space, and regulatory approaches are expected to move towards classification regulation.
强势监管政策为区块链营造良好成长环境
Strong regulatory policies create a good growth environment for block chains
? 2013年《中国人民银行 工业和信息化部 中国银行业监督管理委员会 中国证券监督管理委员会 中国保险监督管理委员会关于防范比特币风险的通知》中明确了比特币的性质，认为比特币不是由货币当局发行，不具有法偿性与强制性等货币属性，并不是真正意义的货币。
* The 2013 Circular of the Chinese Securities Supervisory Board of the China Insurance Supervisory Board on Protection against Bitcoin Risks clearly defines the nature of Bitcoin as not being issued by the monetary authorities, as having legal and compulsory monetary attributes, and not being a currency of real significance.
? 从性质上看，比特币是一种特定的虚拟商品，不具有与货币等同的法律地位，不能且不应作为货币在市场上流通使用。但是，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。
By its very nature, Bitcoin is a specific virtual commodity that does not have the same legal status as a currency, and cannot and should not be used as a currency in the market. But, as a commodity traded on the Internet, the general population is free to participate at its own risk.
? 与ICO发行不同的是，比特币不依靠特定货币机构发行，其依据特定算法，使用整个P2P网络中众多节点构成的分布式记账库来确认并记录所有的交易行为，并使用密码学的设计来确保货币流通各个环节的安全性。
• In contrast to ICO issuances, Bitcoin does not rely on specific monetary institutions for issuance, based on specific algorithms, uses a distributed bank account consisting of numerous nodes in the entire P2P network to identify and record all transactions and uses cryptographic designs to ensure the security of all links in currency circulation.
? 并且，9月4日发布的1000多字的监管公告，一次都没有提到区块链，这背后，也代表着有关部门对于区块链的态度。对于区块链这一巨大的技术创新，我们应该抛却那些打着区块链幌子却根本空无一物的ICO，看到区块链真正的价值和意义。
Moreover, the regulatory proclamation issued on 4 September, in over 1,000 words, never mentioned the block chain, behind which it also represents the attitude of the authorities to the block chain. With regard to the huge technological innovation of the block chain, we should throw away those ICOs that have nothing at all under the guise of the block chain and see the true value and meaning of the block chain.
? 据世界经济论坛预测，到2027年，区块链将会贡献全球GDP的10%左右。盛松成也发文表示：“中国仍应该鼓励区块链技术，该技术已经被世界机构、政府、企业、专家、从业人士广泛确认为一种非常重要的革新性技术。”
According to the World Economic Forum, by 2027, the block chain will contribute about 10% of global GDP. Hatsuya also wrote: “China should still encourage block chain technology, which has been widely recognized by world institutions, governments, businesses, experts, and practitioners as a very important innovation.”
? 盛松成认为，应用场景多元化是区块链技术迅速发展的最大动力，强大的市场需求和技术障碍之间的矛盾，促使众多科技企业加快攻关。新一代区块链系统正在加密技术、高频交易、能耗等方面不断进步。区块链在中国发展迅猛，出现鱼龙混杂在所难免，监管的及时介入是对区块链行业的呵护，能够让区块链行业更加稳健地发展。
The new generation of block chain systems is progressing in encryption, high-frequency transactions, and energy consumption. The chain is growing rapidly in China, with a combination of fish and dragons, and timely regulatory intervention is to protect the sector and enable it to develop more robustly.
? 拥有全球第一块区块链风投基金牌照的澳大利亚科银资本有关负责人表示，目前国内ICO领域太过混乱，大量劣币横行，普通投资者根本无法辨别真伪，“一刀切”监管最大程度保护了投资者的安全。今后很长一段时间内，数字货币仍然是非常专业的领域，监管应该禁止散户投资者购买，因为这个行业风险太高了。
The head of Australian silver capital, with the first global block-winding license plate, said that the ICO area was too chaotic at the moment, that there was a lot of bad currency, that ordinary investors could not tell the truth, and that “one-size-fits-all” regulation protected investors’ safety to the greatest extent possible. Digital money remained a very professional area for a long time to come, and regulation should prohibit bulk investors from buying because the industry was too risky.
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