境内买境外卖 比特币交易变相换汇风险重重

　　11月1日，国内几大比特币交易平台一片欢呼，当天比特币价格突破5000元/币。与2015年10月1日相比，比特币价格上涨超过3449元，涨幅超过200%。巧合的是，这一走势与人民币汇率贬值走势几乎同步。业内人士表示，在“资产荒”背景下，比特币的财富效应超过房地产。同时，由于可以在国际市场上交易，比特币被一些人用作“换汇”的“地下高速公路”。中国证券报记者获悉，目前国内比特币交易平台都提供“汇币”服务，有的单笔交易额达上千万元人民币。

On November 1, several large bitcoin trading platforms in the country cheered, when Bitcoin prices broke 5,000 yuan/coin. Compared to October 1, 2015, the price of bitcoins rose by more than $3449, or more than 200%. Coincidingly, this trend is almost synchronized with the devaluation of the renminbi exchange rate. Industry sources say that Bitcoins has more wealth than real estate in the context of “asset waste.” Meanwhile, because Bitcoin can be traded on the international market, some people use it as a “underground highway” for exchange.

　　境内买境外卖

Domestic and foreign sales

　　10月29日下午，在国内某大型比特币交易平台的发布会现场，多位投资者表示，银行换汇太麻烦，正考虑通过比特币“换汇”。

On the afternoon of 29 October, at the launch of a large Bitcoin trading platform in the country, several investors indicated that bank exchange was too cumbersome and that consideration was being given to “exchange” through Bitcoin.

　　业内人士介绍，比特币有天然的能“换汇”的特点，可通过“汇币”实现人民币资金出境。所谓“汇币”是指将比特币从一个交易平台汇到另一个交易平台，再通过该平台卖出并获取外汇。

According to industry sources, Bitcoins has a natural “exchange of money” character, and can be exported by “remittances.” The term “remittance” refers to the transfer of bitcoin from one trading platform to another, through which it is sold and obtained foreign currency.

　　比特币的底层技术是区块链。区块链由许多节点组成，所有的节点通过一个公共账本共享所有交易的全部信息，所以各个节点对彼此的情况知根知底，保证区块链上的比特币可以无障碍高速流转，不像传统金融渠道环节之间需要很多信任协议，这为“汇币”提供了便利条件。

The bottom technology of Bitcoin is the block chain. The block chain consists of many nodes, all of which share all the information on all transactions through a public account book, so that each node has an understanding of each other's circumstances and ensures that bitcoins on the block chain are accessible and high-speed flow, unlike many trust agreements between traditional financial channels, which facilitates “remittance”.

　　目前国内三大比特币交易平台均提供“汇币”服务。投资者向平台提交“汇币”申请，接收方确认接受后，快则10分钟，慢则1-2小时，不需要经过监管部门或金融机构的审核，比特币就能跨越国界到达境外比特币平台。随后，投资者可以在境外比特币平台上卖掉比特币，获得美元、欧元等资金并提现。接收方可以是区块链账户，也可以直接是境外比特币平台。汇币方只要知道对方在区块链上的地址，即可以轻松将比特币转移。目前境外几乎所有比特币平台均支持美元、欧元等国际主要货币的提现。

Investors can then sell bitcoins on foreign bitcoins platforms, get money in United States dollars, euro, etc. The receiver may be a block-chain account, or it may be a foreign bitcoin platform. The sender can easily transfer bitcoins if he knows each other’s address on a block chain.

　　通过“汇币”服务，投资者可以在境内的比特币平台上用人民币资金充值购买比特币，然后办理“汇币”，在境外比特币平台上卖出并提现。

Through the “currency” service, investors can purchase bitcoin from the local Bitcoin platform with renminbi money in full value and then process the “currency” and sell and present it on the offshore Bitcoin platform.

　　目前国内几大平台对投资者“汇币”设有一定额度限制。一家比特币交易平台的客服人员表示，每日限额30个币，但投资者可以发邮件申请提高限额，上不封顶。另一家比特币平台的客服人员介绍，单笔最多可以汇1000个币，每天最多汇2000个币。这意味着，按照比特币目前的价格，境内投资者可以一天之内通过一家比特币平台“汇出”千万元人民币级别的资金。另有比特币平台客服人员介绍，其“汇币”无限额，该公司在国内外均有平台，国内平台以人民币计价交易，国际平台以美元计价交易。客户可以通过这两个平台实现“人民币资金－比特币－外币资金”的转换。

Some of the country’s major platforms currently have limits on investors’ “remittances.” The customer of a Bitcoin trading platform has stated that the limit is 30 currencies per day, but investors can apply for a higher limit by mail. The customer of another Bitcoin platform has described that a single amount of up to 1,000 dollars can be transferred and a maximum of 2,000 dollars per day.

　　尚属灰色地带

It's still gray.

　　德勤中国区区块链负责人秦谊认为，借助比特币实现换汇和资金出海属于灰色地带。2013年12月，中国人民银行等五部门发布《关于防范比特币风险的通知》规定，比特币是一种特定的虚拟商品，而非货币。北京市证信律师事务所律师周律认为，由于比特币被界定为商品，上述以“汇币”的形式换汇实质是商品交易行为，而外汇管制的是货币转换而非商品交易行为，所以给现行的外汇管制带来困难。事实上，除了比特币，其它商品也可能实现间接“换汇”，但操作起来远没有比特币方便。

In December 2013, five departments, such as the People’s Bank of China, issued a Notice on Protection against Bitcoin Risk, which stipulates that Bitcoin is a specific virtual commodity, not a currency. According to the law firm of Beijing’s law firm, since bitcoin is defined as a commodity, the exchange is essentially a commodity transaction, while foreign exchange control is a currency conversion rather than a commodity transaction, making exchange control difficult.

　　对于比特币平台，《通知》要求切实履行客户身份识别、可疑交易报告等法定反洗钱义务。中国证券报记者发现，比特币交易平台都要求实名认证充值，并且对于大额资金都会有视频对话等“二级验证”，确认资金的合法性和用途。一家比特币交易平台工作人员称，如果发现频繁的“人民币-比特币-美元”流转，会要求投资者提供收入来源，防止投资者利用比特币洗钱。国内某大型比特币平台COO介绍，该平台有反洗钱系统，从相关维度对投资者打分，分数达到一定程度将启动反洗钱程序。

For the Bitcoin platform, the Circular requires the effective implementation of legal anti-money-laundering obligations, such as customer identification and suspicious transaction reports. Chinese securities reporters find that the Bitcoin platform requires real name recognition of the full value, and that there is a “second level” of authentication, such as video dialogue, for large amounts of money, confirming the legitimacy and use of the funds. A Bitcoin platform staff member claims that if a frequent “bin-bitco-dollar” flow is discovered, investors will be required to provide a source of income to prevent them from using Bitcoin for money-laundering.

　　不过，对于合法资产通过“汇币”出境的行为，各家比特币平台并无明确的约束细则，甚至有的平台直接提供“换汇”服务。

However, there are no clear rules governing the departure of legal assets from the territory of a “remittance” platform, or even the direct provision of “remittance” services.

　　风险不可忽视

Risks cannot be ignored.

　　一家比特币交易平台的客服人员表示，最近办理“汇币”业务的投资者较多。一家境外比特币平台相关人士表示，近期明显感觉到美元提现的申请需求大量增加。这些交易平台均未透露具体数据。

The customer service of a Bitcoin trading platform said that more investors had recently been involved in the “currency” business. An offshore Bitcoin platform has indicated that there has been a clear sense of a significant increase in demand for United States dollar cash withdrawals in the near future.

　　近期比特币用户增长显著。上述比特币平台COO介绍，与上月相比，其所在平台的新用户增加了一倍，越来越多的人咨询如何进行资产配置。

Bitcoin users have grown significantly in the recent past. The above-mentioned Bitcoin platform COO describes a doubling of its new users compared to the previous month, with an increasing number of people consulting on asset allocation.

　　业内人士提示，利用比特币“换汇”搬钱存在相当风险。

Industry suggests that there is a considerable risk of moving money using Bitcoin “for exchange”.

　　首先，比特币价格波动较大。虽然“汇币”到账最快只需10分钟，但10分钟内比特币价格就可能出现断崖式下跌。2013年《通知》下发时，以人民币计价的比特币价格1小时内最大跌幅高达35%，以美元计价的比特币最大跌幅也达到16%。秦谊认为，比特币是非常小众的商品。根据《通知》，金融机构和支付机构不得以比特币为产品或服务定价，不得直接或间接为客户提供其他与比特币相关的服务，包括发行相关金融产品、将比特币作为信托和基金等投资的标的。比特币市场是分散的、供需驱动的市场，没有明显的定价标准物，不像原油期货背后有原油现货的定价。

First, the price of bitcoin fluctuates considerably. Although it takes 10 minutes for the “currency” to account, the price of bitcoin may fall steeply within 10 minutes. When the Circular was issued in 2013, the price of bitcoin, denominated in renminbi, fell by up to 35% and the price of bitcoin, denominated in dollars, by 16%.

　　价格波动风险还可能来自境外平台“滞留”比特币。有的境外平台受严格的反洗钱法律约束，不能一次性大额提现，导致比特币被“锁住”，从而被动承担价格波动风险。国内某大型比特币平台创始人及CEO表示，国外的反洗钱法律、法规很严格，例如需要提供比特币的合法来源。如果是在中国购买但不符合中国的外汇管理条例，就可能被拒绝提现。

Some offshore platforms are bound by strict anti-money-laundering laws and cannot be raised in large amounts, resulting in Bitcoin being “locked” and thus passively exposed to price fluctuations. The founder of a large domestic Bitcoin platform and CEO state that anti-money-laundering laws and regulations abroad are stringent, such as the need to provide a legitimate source of bitcoin.

　　多位比特币交易平台高管表示，虽然长期看好比特币，但投资者最好以少量资产配置。比特币在中国没有足够的历史数据支撑对其周期的分析，但大宗商品的波动通常都较大。

Multi-bitcoin trading platform executives say that while bitcoin is preferred for the long term, investors are best placed with a small amount of assets. Bitcoin does not have enough historical data in China to support the analysis of its cycles, but the volatility of bulk commodities is usually high.

　　其次，比特币平台本身存在运营风险。今年8月，美元计价的香港比特币交易平台bitfinex因为技术漏洞，被黑客盗走11.9万个比特币，价值高达6700万美元，由用户承担损失。秦谊表示，目前国内对比特币的监管体系尚不完备，投资者申诉的渠道有限。

In August of this year, the dollar-denominated Hong Kong Bitfinex, a bitfinex trading platform, was robbed of 119,000 bitcoins by hackers, valued at $67 million, at the expense of users. Qin Qin states that the country’s regulatory system is not yet complete, and investors have limited access to complaints.

　　业内人士认为，普通人购买比特币，无论目的是投资还是“换汇”，都应该慎之又慎。记者联合报道