釋義
你也許聽過以下幾個財經術語，但是搞不清它們之間的關係：
Digital Currency（中譯：數碼貨幣、數字貨幣、數位貨幣）
Virtual Currency（中譯：虛擬貨幣）
Cryptocurrency（中譯：加密貨幣）
Blockchain（中譯：區塊鏈）
簡單地說：Digital Currency（數碼貨幣）是最廣闊的定義，泛指以數碼形式存在的貨幣（再細分為受監管和不受監管兩種），可以是由某國的中央銀行發行，即是受監管的數碼化法定貨幣。Digital Currency（數碼貨幣）包含 Virtual Currency（虛擬貨幣），而 Cryptocurrency（加密貨幣）是 Virtual Currency（虛擬貨幣）的其中一種，運用了Blockchain（區塊鏈）技術。以上幾個財經術語，中文傳媒的用法比較混亂，英語財經網站解釋得比較清楚：
Digital Currency, Virtual Currency, and Cryptocurrency
Digital currency（數碼貨幣）is a broad concept, referring to all the monetary assets that are in digital form. Virtual currency（虛擬貨幣）is a subset of digital currency, and cryptocurrency（加密貨幣）is a subset of virtual currency.
Digital currency can be either regulated or unregulated. A regulated digital currency is issued by a country’s central bank and can be denominated to a sovereign currency. The regulated type of digital currency is thus subject to a country’s monetary policy.
Virtual currency is a type of unregulated digital currency. It is issued and controlled by a private issuer instead of a central bank. Therefore, it is not subject to any monetary policy. A virtual currency can be either centralized or decentralized. Some virtual currencies contain cryptography（密碼學）, and some do not.
Cryptocurrency（加密貨幣）refers to a type of virtual currency that implements cryptography technology to secure and authenticate currency transactions. Cryptocurrencies depend on blockchain（區塊鏈）networks. Hence, cryptocurrencies are decentralized virtual currencies.
Source:
https://corporatefinanceinstitute.com/resources/knowledge/other/virtual-currency/
從監管的角度看：數碼貨幣 (Digital Currency) 可以是由現實世界的中央銀行所發行，直接受政府監管，也受到該國的貨幣政策所影響。虛擬貨幣 (Virtual Currency) 是一種由私人機構發行因此不受政府監管的數碼貨幣 (Digital Currency)，可以在虛擬世界中用作支付工具（例如：電競遊戲所累積的積分可以用來購買虛擬武器）。而運用區塊鏈 (Blockchain) 技術的加密貨幣 (Cryptocurrency) 是虛擬貨幣 (Virtual Currency) 的其中一種。由於加密貨幣 (Cryptocurrency) 的買賣活動在網上世界進行，即是跨越國界和不受政府監管，有助避開資金管制 (Capital control)，於是成為黑錢的載體，被大陸人用來走資。
過去一年多以來，由於中美關係惡化，美國政府（針對侵犯人權的中港官員的）制裁行動蔓延至金融領域（提示：任志剛＋金融武器化），透過地面上的合法銀行系統走資只會越來越困難。至於傳統的洗黑錢手法，例如透過離岸公司轉移資產也不再安全，因為那些本應保密的股東資料已經被放上網（提示：Panama Papers），即是見光死。中美關係惡化又同時牽動了中共內部的派系鬥爭（搜尋：總加速師），令局內人覺得危在旦夕，有急切需要尋找新的走資渠道，安排後路及安頓家人。同一時間，疫症蔓延令經濟活動或停頓或半停擺，很多人無法出門，被迫長時間留在家中，透過互聯網跟外面的世界保持聯繫。在這種情況下，不受監管的加密貨幣 (Cryptocurrency) 正好符合大陸貪官的走資需求。詳情請參考＜延伸閱讀＞部份所提供的英語傳媒報導，裡面提到一種跟美元掛勾的加密貨幣成為大陸人的走資工具（原因：美國可能會限制大陸人兌換美元）。對，嘴巴罵美帝，身體最誠實，還是美金好。
下一篇，寫中國人民銀行為何積極推動數碼貨幣／電子支付（Digital Currency / Electronic Payment，簡稱 DC/EP）工具的發展以及對香港的影響。
［免責聲明：這個系列並非推廣比特幣（Bitcoin）及其他「加密貨幣」（Cryptocurrency），相關的投資風險請參考＜延伸閱讀＞部份由投資者及理財教育委員會（IFEC）和證監會（SFC）所提供的中文資料，如有損失與 Auntie 無關。］
插圖來源：www.fotosearch.com
延伸閱讀／參考資料：
What is Virtual Currency?
https://corporatefinanceinstitute.com/resources/knowledge/other/virtual-currency/
Extract: Digital currencies are stored in and transacted through designated software, applications, and networks in digital form. Virtual currency is a type of unregulated digital currency that is not issued or controlled by a central bank. Examples include Bitcoin, Litecoin, and XRP.
Virtual currency can be either centralized or decentralized. A decentralized virtual currency does not have a central administrator. The decentralization of virtual currency relies on blockchain networks, which is cryptography-based. The cryptography-based virtual currency is known as cryptocurrency.
The traditional regulated currencies are backed by sovereign debts (fiat currency) or hard assets such as gold. In contrast, virtual currencies are not backed with no intrinsic value. The value of a virtual currency is mainly driven by the sentiment of traders. As a result of its unregulated nature, a virtual currency can experience extensive price fluctuations.
Investopedia - Virtual Currency（虛擬貨幣）
https://www.investopedia.com/terms/v/virtual-currency.asp
Extract: Virtual currency is a type of unregulated digital currency that is only available in electronic form. Virtual currency is considered to be a subset of the digital currency group, which also includes cryptocurrencies, which exist within the blockchain network. Virtual currency is currency held within the blockchain network that is not controlled by a centralized banking authority.
Virtual currency is different than digital currency since digital currency is simply currency issued by a bank in digital form. Virtual currency is unregulated and therefore experiences dramatic price movements since the only real force behind trading is consumer sentiment. The term came into existence around 2012, when the European Central Bank (ECB) defined virtual currency to classify types of “digital money in an unregulated environment, issued and controlled by its developers and used as a payment method among members of a specific virtual community,” according to Bitcoin News.
Digital currency can be regulated or unregulated. In the former case, it can be denominated to a sovereign currency — that is, a country’s central bank can issue a digital form of its fiat currency notes. On the other hand, a virtual currency often remains unregulated and hence constitutes a type of digital currency.
Cryptocurrencies （加密貨幣） like bitcoin （比特幣）and ethereum are considered to be a part of the virtual currency group. A cryptocurrency uses cryptography （密碼學）technology that keeps the transactions secure and authentic, and also helps to manage and control the creation of new currency units. Such cryptocurrencies exist and are transacted over dedicated blockchain-based networks that are open to the common public. Anyone can join and start transacting in cryptocurrencies.
BITCOIN vs. BLOCKCHAIN
Neha Shrimali (AML Trainer)
https://www.linkedin.com/in/nehashrimali-trainings/
Extract: Ever since we heard of #BLOCKCHAIN（區塊鏈）, the word has always been used interchangeably with the term #BITCOIN（比特幣）. This is important to clear that Blockchain and Bitcoin is not the same as assumed. Rather, Blockchain is a technology and Bitcoin is the product which works on the said technology.
To make it more clear, Blockchain is a technology in which the data, in the form of transactions and documents is captured ensuring the safety and security of the same. This technology is based on the concept of recording the data in the form of blocks which forms a chain when every new transaction or document is created. The money launderers can not make any change to the existing blocks hence resulting into immutable and transparent transactions.
Blockchain is a useful tool when it comes to the automation of traditional methods of Anti Money laundering processes. Standardization with the use of Blockchain technology can create impactful solutions to implement AML Compliance methods.
投資者及理財教育委員會：
首次代幣發行（ICO）、比特幣（Bitcoin）及其他「加密貨幣」（Cryptocurrency）
https://www.ifec.org.hk/web/tc/financial-products/fintech/ico-bitcoin/index.page
節錄：ICO、比特幣及其他「加密貨幣」（或稱「虛擬貨幣」）屬高風險產品，絕對不是每個人都適合參與，未有全面了解其特性及風險之前，切勿跟風投機。做投資決定前，一定要做足功課，要了解 ICO 及「加密貨幣」，可以從以下資訊圖表開始：
證監會告誡投資者防範「加密貨幣」風險
2018 年 2 月 9 日
https://apps.sfc.hk/edistributionWeb/gateway/TC/news-and-announcements/news/doc?refNo=18PR13
節錄：證券及期貨事務監察委員會（證監會）再次提醒投資者，當與加密貨幣交易所進行交易及對首次代幣發行（Initial Coin Offerings，簡稱 ICO）作出投資時，應防範當中的潛在風險。
證監會於 2017 年 9 月 5 日發出有關 ICO 的聲明（註 1）後，針對多家加密貨幣交易所及一些 ICO 發行人採取了監管行動。證監會先後致函七家位於香港或與香港有連繫的加密貨幣交易所（註 2），警告它們不應在未領有牌照的情況下買賣屬於「證券」（定義見《證券及期貨條例》）的加密貨幣。這些加密貨幣交易所大部分已確認並無就有關加密貨幣提供交易服務，或已即時採取糾正措施（包括從交易平台將有關加密貨幣下架）。證監會在適當的情況下，尤其對漠視《證券及期貨條例》相關條文的加密貨幣交易所和重犯者，可能會採取進一步行動。
證監會亦先後致函七個 ICO 發行人。它們大多已確認有遵從本會的監管制度，或已即時停止向香港投資者發售代幣。證監會將會繼續密切監察 ICO 活動，且不會姑息任何違反香港證券法例的行為。 ICO 基本上是利用區塊鏈技術的初創企業進行的眾籌活動。 ICO 發行人一般會徵詢律師、會計師及顧問等市場專業人士的意見，並在他們的協助下將所發售的加密貨幣建構為功能型代幣，藉此繞過《證券及期貨條例》的監管範圍和規避證監會的監管。
法庭：變賣女投資者 180 個比特幣
「比特通」創辦人涉詐騙 1100 萬
東方日報 2020-10-28
https://orientaldaily.on.cc/cnt/news/20201028/00176_073.html
節錄：虛擬貨幣「比特幣」本地交易平台「比特通」創辦人梁永熹，涉欺騙一名女投資者把大批比特幣轉移到離線錢包，並變賣了其中一百八十個。梁否認一項欺詐罪及四項洗黑錢罪，涉款一千一百萬元，案件昨天在區院開審。控方的開案陳詞指，事主忻汝英自一三年起投資比特幣，一年後忻在虛擬貨幣平台 Blockchain 的線上錢包儲存一千五百個比特幣。一七年中旬，忻打算使用比特幣交易平台 Blcex 放售比特幣，惟其中一次交易出現問題，在相若時間她在一個關於虛擬貨幣的講座中認出被告梁永熹（三十六歲）是 Blcex 的行政總裁，便主動請求被告處理該筆交易。後來，被告建議替忻做中介，代表她去與比特幣買家進行交易。首次交易後，被告表示忻於線上儲存比特幣的方式並不安全，並向她提議用離線錢包。忻相信被告，遂按他建議將一千個比特幣儲存在一個離線錢包中，但三個月後她驚覺所有比特幣不翼而飛。
「三代無憂」挖幣投資 回報急挫 99%
12「礦工」誤信火燎森 320 萬凍過水
蘋果日報 2018 年 11 月 5 日
https://hk.appledaily.com/local/20181105/ZFYUFYKYUTB7SJAGFVPFCCMVUI/
節錄：虛擬貨幣投資欠監管，連累投資的「礦工」中伏。民主黨近期接獲 12 名「礦工」求助，報稱受股評人火燎森（原名：袁炳輝）的廣告誤導，誤信對方誇大回報聲稱可三代無憂，透過中介買入雲端挖礦公司「HE15」投資合約。事主買入合約一周回報急挫 99%。協助事主的民主黨質疑火燎森及相關公司至少涉 6 項不當問題。警方暫接獲兩名投資者報案。民主黨財經政策副發言人袁海文指，近期該黨接獲 12 名年齡由 25 至近 60 歲的市民求助。事主聲稱誤信曾任商業電台財經節目主持的火燎森誤導，透過對方網上廣告建議，聯絡中介公司「天機科技」投資雲端挖礦公司「HE15」的虛擬貨幣合約。各事主投資額由 1 萬至 60 萬元不等，涉款總額達 320 萬元。袁海文批評，火燎森及涉事公司至少涉 6 大不當行為，包括誇大回報、涉失實陳述、忽視風險、沒有披露利益、訂立魔鬼條款及慫恿借貸，有事主已報警求助。他又指目前政府監管金融產品條例，未能追上市場情況，未能針對虛擬貨幣投資作監管，而商品說明條例亦未能涵蓋投資產品，令事主難以追討。
FCA bans the sale of crypto-derivatives to retail consumers
Press Releases 06/10/2020
https://www.fca.org.uk/news/press-releases/fca-bans-sale-crypto-derivatives-retail-consumers
Extract: The FCA (Financial Conduct Authority) has published final rules banning the sale of derivatives and exchange traded notes (ETNs) that reference certain types of cryptoassets to retail consumers. The FCA considers these products to be ill-suited for retail consumers due to the harm they pose. These products cannot be reliably valued by retail consumers because of the:
- inherent nature of the underlying assets, which means they have no reliable basis for valuation
- prevalence of market abuse and financial crime in the secondary market (eg cyber theft)
- extreme volatility in cryptoasset price movements
- inadequate understanding of cryptoassets by retail consumers
- lack of legitimate investment need for retail consumers to invest in
these products
Unregulated transferable cryptoassets are tokens that are not ‘specified investments’ or e-money, and can be traded, which includes well-known tokens such as Bitcoin, Ether or Ripple. Specified investments are types of investment which are specified in legislation. Firms that carry out particular types of regulated activity in relation to those investments must be authorised by the FCA. To address these harms, the FCA has made rules banning the sale, marketing and distribution to all retail consumers of any derivatives (ie contract for difference – CFDs, options and futures) and ETNs that reference unregulated transferable cryptoassets by firms acting in, or from, the UK.
The ban will come into effect on 6 January 2021. UK consumers should continue to be alert for crypto-derivative investment scams. As the sale of derivatives and ETNs that reference certain types of cryptoassets to retail consumers is now banned, any firm offering these services to retail consumers is likely to be a scam.
FATF
Guidance for a risk-based approach to virtual currencies
https://www.fatf-gafi.org/media/fatf/documents/reports/Guidance-RBA-Virtual-Currencies.pdf
Cryptocurrencies help Chinese evade capital and currency controls in moving billions overseas
South China Morning Post (26 Aug, 2020)
https://www.scmp.com/economy/china-economy/article/3098981/cryptocurrencies-help-chinese-evade-capital-and-currency
Extract: Cryptocurrencies appear to be emerging as the latest means for Chinese citizens to move their assets overseas and evade the nation’s strict capital controls amid escalating tensions in US-China relations. More than US$50 billion in cryptocurrency assets have been moved abroad from China-based addresses in the last 12 months, according to a report. Chinese are increasingly using Tether, a ‘stablecoin’ pegged to the US dollar, to transfer money out of mainland China.
The Chinese government allows its citizens to transfer the equivalent of only US$50,000 or less out of the country each year. Historically, wealthy citizens have dodged this rule through foreign investments in real estate and other assets – sometimes even using shell companies to disguise the purchases of foreign currencies as legitimate business transactions. But as Beijing has cracked down on some of these methods to circumvent capital controls, the use of cryptocurrencies（加密貨幣）may be picking up some of the slack as investors seek to protect their wealth in a global economy that is suffering from the trade war and the coronavirus pandemic, according to a recent report by New York-based blockchain analytic company, Chainalysis.
Stablecoins Boost Capital Flight From China
25 August 2020https://www.finews.asia/finance/32577-china-bitcoin-50-million-outflows-chainalysis-tether
Extract: The Chinese government allows its citizens to move up to $50,000 out of the country each year. Foreign investments in real estate and other assets have allowed wealthy individuals to skirt these rules, but cryptocurrency （加密貨幣） assets may be picking up the slack amid a crackdown by authorities on these practices. Stablecoins are particularly useful for capital flight, as their fiat currency-pegged value means users selling off large amounts in exchange for their fiat currency of choice can rest assured that it’s unlikely to lose its value as they seek a buyer, the report said, noting that Tether, which is pegged to the U.S. dollar, is disproportionately popular in East Asia – accounting for 93 percent of transactions – compared to other regions. In total, over $18 billion worth of Tether moved from East Asia addresses to those based in other regions over the last 12 month, Chainalysis said.
任志剛：關注美國或將金融武器化
RTHK 2020-07-29
https://news.rthk.hk/rthk/ch/component/k2/1540537-20200729.htm
節錄：美國通過香港自治法，取消香港特殊待遇地位。行政會議成員、金管局前總裁任志剛表示，美國國務卿須在 90 日內提交名單，相信未來數月美國將會公布制裁包括香港的個人或機構名單，禁止在美國投資或使用美元等，預計將為這批人士帶來不便，但對香港金融系統及機制、國際金融中心地位沒有影響。他又相信，美國不太可能限制本港兌換美元，以及制裁香港政府，形容是核彈式選擇，對美國亦有負面影響。他又表示，資金繼續流入香港，金融體系仍然穩健，但不要低估特朗普等人。他對美國或將金融武器化感到關注，因為可能會限制企業使用美元、在美國投資、美國企業在港投資等，目標可包括個人、政府等，形容是強大武器，希望美國不會這樣做。
相關的文章：
節錄：網絡遊戲容許參與者開設戶口，然後用真金白銀（或信用卡）購買虛擬武器，或累積了虛擬貨幣 (Virtual currencies) 或虛擬資產 (Virtual assets)，提供了儲存價值 (Store value) 的功能，作用等同現實世界中的貨幣，但沒有官方認證也不受監管。參與者可以透過交出戶口，或透過（由第三者提供的）網上交易平台或（虛假的）社交媒體帳戶買賣虛擬貨幣或虛擬資產或虛擬武器，從而達到轉移犯罪收入的真正目的。
節錄：毒品變成黑錢的載體，作用是把人民幣轉換成美元，而大陸的化工廠負責人和墨西哥的毒販，就收取手續費或服務費作為回報。來自（新）中國的黑錢繞過地面上的合法銀行系統流入了美國，目的地是洛杉磯，跟老一輩廣東人賣豬仔（做苦工）的地點「舊金山」（英語：San Francisco，孫中山叫「三藩市」，美國加利福尼亞州的北部）同屬一個州份。
節錄：早於 2018 年初中美貿易戰爆發之前，紅色資本的海外併購活動已經遇到困難。西方國家基於國家安全考慮，對中資說不（提示：倫敦交易所），又或者設置障礙。中資的回應方式，是動用港人、台商、南洋華僑甚至親共洋人(Panda Hugger) 當人頭或Frontman，讓大股東可以退居幕後。這些雕蟲小技，曾經欺騙外資銀行的華為公主孟晚舟（提示：匯豐＋Skycom）應該懂。
節錄：如果是牽涉國家安全的行業，事情更加複雜，所以你會見到以美國為首的西方國家（例如：德國）開始對中資的海外收購活動設置障礙，以免被盜竊高新科技，避免戰略產業被中資控制以及國家經濟被人民幣主宰，又或者被捲入中共內部的派系鬥爭，令企業的商譽或財政受損。而中資的回應方法，是動用港商、台商、南洋華僑、海外華人甚至是西方人當人頭或 Frontman，於是離岸公司的機密文件會被外國間諜放上網，否則無法進行有效的盡職審查 (Due diligence)。
節錄：根據 Washington Post 的報導，負責分析文件的國際調查記者聯盟 (The International Consortium of Investigative Journalists, ICIJ) 背後的美國公共誠信中心 (Center for Public Integrity)，金主是國際大鱷索羅斯 (George Soros)。他較早前表示會「沽空亞洲貨幣」，令偉大祖國非常緊張，官媒輪流開炮。索羅斯戰績彪炳，利用在金融市場賺來的錢，資助共產黨的對頭人。中國和俄羅斯的領導人首當其衝，被爆陰毒，理所當然。
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