薩爾瓦多：比特幣採用的開創性實驗

2021年9月，埃爾·薩爾瓦多（El Salvador）成為世界上第一個製作比特幣法律招標的國家。由總統納伊布·布克勒（Nayib Bukele）率領的這一突破性決定被加密貨幣愛好者稱讚，這是比特幣合法性的重大勝利。

Bitcoin, created in 2009 by the anonymous individual or group known as Satoshi Nakamoto, has sparked a revolution in digital finance. As a decentralized cryptocurrency, Bitcoin operates independently of traditional banking systems and is not controlled by any central authority. Over the past decade, Bitcoin has experienced significant growth in adoption, market capitalization, and public awareness. Its promise of fast, borderless transactions and its potential to disrupt traditional financial systems has attracted the attention of investors, businesses, and governments alike.

比特幣由匿名個人或納卡本（Satoshi Nakamoto）的匿名個人或團體創建，引發了數字金融革命。作為一個分散的加密貨幣，比特幣獨立於傳統的銀行系統運營，並且不受任何中央機構的控制。在過去的十年中，比特幣在採用，市值和公眾意識方面經歷了顯著增長。它對快速，無邊界交易的承諾及其破壞傳統金融體系的潛力吸引了投資者，企業和政府的關注。

However, Bitcoin’s value has been extremely volatile since its inception, raising concerns about its stability as a store of value or medium of exchange. Despite this, many individuals and institutions view Bitcoin as a hedge against inflation, especially in regions where national currencies have depreciated significantly. For example, countries like Venezuela and Argentina have seen rising interest in Bitcoin as a way to protect wealth from hyperinflation.

但是，比特幣的價值自成立以來一直非常波動，引起人們對其作為價值或交換媒介的穩定性的擔憂。儘管如此，許多個人和機構將比特幣視為抵制通貨膨脹的對沖，尤其是在民族貨幣大幅貶值的地區。例如，委內瑞拉和阿根廷等國家對比特幣的興趣不斷增加，這是一種保護財富免受過度通貨膨脹的一種方式。

Bitcoin’s growing popularity has forced global financial institutions, regulators, and governments to confront its implications. On the one hand, Bitcoin represents a novel financial innovation that could increase financial inclusion and offer new opportunities for cross-border trade. On the other hand, Bitcoin’s volatility, its potential for facilitating illicit activities, and its environmental impact present significant challenges for governments and regulators.

比特幣的日益普及迫使全球金融機構，監管機構和政府面臨其影響。一方面，比特幣代表了一種新穎的金融創新，可以增加金融包容性並為跨境貿易提供新的機會。另一方面，比特幣的波動性，促進非法活動的潛力以及其環境影響對政府和監管機構帶來了重大挑戰。

El Salvador: A Pioneering Experiment

薩爾瓦多：開創性的實驗

In September 2021, El Salvador became the first country in the world to make Bitcoin legal tender. This groundbreaking decision, spearheaded by President Nayib Bukele, was hailed by cryptocurrency enthusiasts as a major victory for Bitcoin’s legitimacy. El Salvador’s adoption of Bitcoin has the potential to reshape its economy, particularly by increasing access to financial services for the unbanked population.

2021年9月，埃爾·薩爾瓦多（El Salvador）成為世界上第一個製作比特幣法律招標的國家。由總統納伊布·布克勒（Nayib Bukele）率領的這一突破性決定被加密貨幣愛好者稱讚，這是比特幣合法性的重大勝利。埃爾·薩爾瓦多（El Salvador）採用比特幣有可能重塑其經濟，尤其是通過增加無銀行人口獲得金融服務的機會。

One of the key arguments in favor of Bitcoin adoption in El Salvador was its potential to provide financial inclusion to the country’s large unbanked population. According to the World Bank, nearly 70% of the adult population in El Salvador does not have access to traditional financial services. By adopting Bitcoin, the government hoped to create a decentralized financial infrastructure that could offer individuals in rural and underserved areas access to digital wallets and global payment systems. This move could also lower remittance costs, as many Salvadorans living abroad send money back to their families through expensive intermediaries.

支持薩爾瓦多比特幣採用比特幣的主要論點之一是它的潛力是為該國大量的無銀行人口提供財務包容性。根據世界銀行的數據，薩爾瓦多的近70％的成年人口無法獲得傳統金融服務。通過採用比特幣，政府希望創建一個分散的金融基礎設施，該基礎設施可以為農村和服務不足的地區提供數字錢包和全球支付系統的個人。此舉也可以降低匯款成本，因為許多居住在國外的薩爾瓦多人通過昂貴的中介機構將錢寄回了家人。

However, the decision to make Bitcoin legal tender was met with skepticism by many experts, financial institutions, and the general public. One of the primary concerns was the volatility of Bitcoin, which could destabilize the country’s economy. Bitcoin’s price fluctuations have been dramatic, with its value swinging by thousands of dollars within a matter of days or weeks. For a country like El Salvador, where a significant portion of the population relies on remittances, the unpredictable nature of Bitcoin could pose risks to families who depend on stable income streams.

但是，許多專家，金融機構和公眾都對製作比特幣法律招標的決定對此表示懷疑。主要問題之一是比特幣的波動，這可能會使該國經濟穩定。比特幣的價格波動是戲劇性的，其價值在幾天或幾週內搖擺了數千美元。對於像薩爾瓦多（El Salvador）這樣的國家（其中很大一部分人口依賴匯款的國家），比特幣的不可預測性質可能會給依賴穩定收入流的家庭帶來風險。

Moreover, critics argued that Bitcoin’s decentralized and pseudonymous nature could make it a tool for money laundering, tax evasion, and other illicit activities. Financial institutions such as the IMF and the World Bank expressed concerns about the potential risks to financial stability and warned the government about the challenges of implementing a cryptocurrency-based monetary system.

此外，批評家認為，比特幣的分散和化學性質可以使其成為洗錢，逃稅和其他非法活動的工具。國際貨幣基金組織和世界銀行等金融機構對金融穩定的潛在風險表示擔憂，並警告政府實施基於加密貨幣的貨幣體系所面臨的挑戰。

The Role of Government and Regulators in Cryptocurrency Adoption

政府和監管機構在採用加密貨幣中的作用

As countries explore the adoption of cryptocurrencies like Bitcoin, governments and regulators face numerous challenges. One of the primary roles of government is to balance the innovative potential of cryptocurrencies with the need to ensure financial stability, protect consumers, and prevent illegal activities.

隨著各國探索採用比特幣，政府和監管機構等加密貨幣，面臨許多挑戰。政府的主要作用之一是平衡加密貨幣的創新潛力，並需要確保財務穩定，保護消費者並防止非法活動。

The decentralized nature of Bitcoin presents a challenge to traditional regulatory frameworks, as it operates outside of the control of central banks or government institutions. In traditional financial systems, central banks regulate the supply of money, set interest rates, and manage monetary policy to ensure economic stability. Bitcoin, by contrast, is governed by a decentralized network of computers, and its supply is limited by an algorithm that caps the total number of coins at 21 million. This creates an entirely different dynamic that regulators must contend with.

比特幣的分散性質對傳統監管框架提出了挑戰，因為它在中央銀行或政府機構的控制之外運作。在傳統的金融體系中，中央銀行規範貨幣供應，設定利率並管理貨幣政策以確保經濟穩定。相比之下，比特幣受到分散的計算機網絡的約束，其供應受到將硬幣總數為2100萬的算法的限制。這創造了監管機構必須與之抗衡的完全不同的動態。

In response to the growing popularity of Bitcoin, many countries have begun to introduce cryptocurrency regulations. These regulations vary widely, depending on the country’s approach to innovation, financial stability, and risk management. Some countries, such as China, have taken a strict approach, banning cryptocurrency mining and trading. Others, like the United States, have adopted a more hands-off approach, with regulators focusing on areas such as taxation, anti-money laundering (AML), and combating the financing of terrorism (CFT).

為了回應比特幣日益普及的人，許多國家已經開始引入加密貨幣法規。這些法規差異很大，具體取決於該國的創新方法，財務穩定和風險管理。一些國家，例如中國，採取了嚴格的方法，禁止加密貨幣開采和交易。其他人，例如美國，採用了更加動手的方法，監管機構專注於稅收，反洗錢（AML）等領域，並打擊了恐怖主義融資（CFT）。

The role of central banks in regulating cryptocurrencies is another contentious issue. Central banks are responsible for managing national monetary policy, and the widespread adoption of cryptocurrencies like Bitcoin could undermine their ability to influence interest rates, inflation, and the overall money supply. Some central banks have responded by developing central bank digital currencies (CBDCs), which are state-backed digital currencies that maintain the stability and control of traditional fiat money while incorporating the benefits of digital technologies.

中央銀行在規範加密貨幣中的作用是另一個有爭議的問題。中央銀行負責管理國家貨幣政策，並且像比特幣這樣的加密貨幣的廣泛採用可能會破壞其影響利率，通貨膨脹和整體貨幣供應的能力。一些中央銀行的回應是開發了中央銀行數字貨幣（CBDC），這些貨幣是國家支持的數字貨幣，可維持傳統法定資金的穩定性和控制權，同時納入數字技術的好處。

In the case of El Salvador, the government’s decision to adopt Bitcoin as legal tender has raised questions about the

就薩爾瓦多埃爾·薩爾瓦多而言，政府決定採用比特幣作為法定貨幣提出了有關