澳大利亞正在出現一種新的貸款形式，包括貸方在內的每個人都同意這是有風險的

少數服裝提供貸款以換取加密貨幣。也就是說，在任何給定的貸款安排中，比特幣和以太坊都被接受為抵押品

A new form of lending is emerging in Australia, and everyone, including the lenders, agrees it's risky.

澳大利亞正在出現一種新的貸款形式，包括貸方在內的每個人都同意這是有風險的。

So, what are we talking about here?

那麼，我們在這裡談論什麼？

A handful of outfits are offering loans in exchange for cryptocurrencies.

少數服裝提供貸款以換取加密貨幣。

That is, within any given lending arrangement, Bitcoin and Ethereum, for example, are accepted as collateral — an asset offered up as security for a loan.

也就是說，在任何給定的貸款安排中，比特幣和以太坊都被接受為抵押品，這是一種資產作為貸款的安全。

This type of lending kicked off in 2017, and ramped up during the pandemic.

這種類型的貸款在2017年開始，並在大流行期間加劇。

There are a few points to make here.

這裡有幾點要做。

Firstly, some economists say, this is bonkers banking given cryptocurrencies are risky, volatile and have no intrinsic value.

首先，一些經濟學家說，這是加密貨幣的風險，波動且沒有內在價值，這是邦克斯的銀行業務。

Secondly, this lending practice is legal, and the lenders are licensed.

其次，這種貸款實踐是合法的，貸方獲得許可。

Thirdly, the borrowers in these lending contracts, the ABC has been told, are relatively wealthy.

第三，ABC被告知，這些貸款合同中的借款人相對富裕。

Finally, it's worth asking the question: are these lenders playing a bigger game here? And what game could that be?

最後，值得一提的問題：這些貸方在這裡玩更大的遊戲嗎？那可以是什麼遊戲？

The fact is cryptocurrencies are pushing into areas of finance that, once upon of time, would have been considered ridiculous.

事實是，加密貨幣正在進入財務領域，這些地區曾經被認為是荒謬的。

Now, millions of Australians are reported to own at least one cryptocurrency, a few Australian firms are engaging in lending to retail or everyday mums and dads using crypto as collateral, and at least five big Australian financial companies do it too.

現在，據報導，數以百萬計的澳大利亞人擁有至少一種加密貨幣，一些澳大利亞公司正在從事零售或日常媽媽和爸爸的貸款，或使用加密貨幣作為抵押品，而至少五家大澳大利亞金融公司也這樣做。

Let's first though look at the specifics of the lending contract.

讓我們首先看一下貸款合同的細節。

How do crypto loans work?

加密貸款如何工作？

A typical crypto loan is valued at roughly $140,000.

典型的加密貸款價值約為140,000美元。

The lender makes money by borrowing cash at an 11 per cent interest rate, and lending that on to customers at a higher 15 per cent.

貸方通過以11％的利率借入現金來賺錢，並以15％的價格將其借給客戶。

The margin here is 4 percentage points.

這裡的利潤是4個百分點。

If the price of Bitcoin goes up during the term, or period, of the loan, the customer can borrow more money for a car or even a home deposit, for example.

例如，如果比特幣的價格在貸款的期限或期限內上漲，例如，客戶可以藉更多的汽車甚至房屋存款的錢。

If it falls sharply, the borrower is asked to stump up more cash.

如果急劇下降，則要求借款人造成更多現金。

The loan to value ratio (LVR) differs between lenders but one lender the ABC spoke to had an LVR of 50 per cent.

貸款與貸款比率（LVR）之間有所不同，但ABC交談的一位貸方的LVR為50％。

Generally, the lower the LVR, the higher risk to the customer and the lower the risk to the financial institution.

通常，LVR越低，對客戶的風險越高，對金融機構的風險越低。

Put simply, the price of the cryptocurrency being used as collateral would need to seriously plummet before it presented a financial risk to the lender.

簡而言之，將加密貨幣用作抵押品的價格將需要嚴重暴跌，然後才能向貸方造成財務風險。

What's bizarre, however, is that this volatility is recognised as a risk.

然而，奇怪的是，這種波動率被認為是一種風險。

This may explain why the commercial banks are reluctant to provide these crypto lenders with finance.

這可以解釋為什麼商業銀行不願為這些加密貸款人提供財務。

"Currently, if you walk into a typical bank, if you have equity in your Bitcoin, a bank is not going to lend it to you," Vield co-founder Johnny Phan told the ABC.

Vield聯合創始人Johnny Phan告訴ABC：“目前，如果您走進典型的銀行，如果您的比特幣有股權，則銀行不會將其借給您。”

"They only lend against property or against your credit profile.

“它們僅對財產或您的信用資料進行貸款。

"We also do that in same manner, but we're using Bitcoin instead of property, for the security."

“我們也以相同的方式這樣做，但是我們正在使用比特幣而不是財產來進行安全。”

Vield says it's so confident in the on-going interest in Bitcoin as asset class, it sees its lending as a service to borrowers who share that confidence.

Vield表示，它對比特幣作為資產類別的持續利益非常有信心，它將其貸款視為對具有信心的借款人的服務。

In short, if Bitcoin is a legitimate asset, why shouldn't it replace a dwelling or house as a type of mortgage, or security for a loan?

簡而言之，如果比特幣是合法的資產，為什麼不應該替換住房或房屋作為抵押貸款的類型或貸款安全呢？

And things do go wrong.

事情確實出了問題。

In July 2022, Crypto enthusiast Bayani stumped up 1.6 Bitcoin as collateral for a $20,000 loan from US-based crypto exchange and lender, Celsius.

2022年7月，加密愛好者巴尼（Bayani）在總部位於美國的加密貨幣交易所和貸方Celius的20,000美元貸款中佔據了1.6個比特幣的抵押品。

But the price of Bitcoin plummeted and Celsius ran into financial trouble.

但是，比特幣的價格暴跌和攝氏遇到了財務麻煩。

He received emails from the company informing him his LVR was dropping, and he was asked to provide more collateral.

他收到了公司的電子郵件，通知他LVR正在下降，並被要求提供更多的抵押品。

He was hesitant to do this because, he says, there was speculation on social media the company was in financial trouble.

他猶豫不決，因為他說，在社交媒體上有猜測該公司陷入了財務困境。

He ended up losing all his Bitcoin, worth over $50,000.

他最終失去了所有比特幣，價值超過50,000美元。

In the end he received $33,000 from the liquidators, but he used a large chunk of that to pay back his $20,000 loan, leaving him with $13,000.

最後，他從清算人那裡獲得了33,000美元，但他用其中的很大一部分來償還他的20,000美元貸款，使他獲得了13,000美元。

If you include the price of Bitcoin, Bayani was left thousands of dollars out of pocket.

如果您包括比特幣的價格，Bayani被放棄了數千美元。

Financial stability risk

財務穩定風險

Independent economist Saul Eslake says the collapse of both small and large financial institutions, using cryptocurrencies as security, can present big risks to Australia's financial stability, especially if lending against cryptocurrencies became widespread.

獨立的經濟學家索爾·埃斯萊克（Saul Eslake）表示，使用加密貨幣作為安全性，小型和大型金融機構的崩潰可能會給澳大利亞的金融穩定性帶來很大的風險，尤其是如果針對加密貨幣的貸款變得廣泛。

"The risk in circumstances like this is that people who find themselves with significant exposures," he says.

他說：“在這種情況下的風險是，發現自己有大量暴露的人。”

"In the event that there's a dramatic reversal in the value of those assets and the market for them dries up, then what history tells you what happens is that people sell what they can, rather than necessarily what they should, in order to get out of a sticky or illiquid position.

“如果這些資產的價值有巨大的逆轉和對其市場的變化，那麼歷史告訴您，發生的事情是人們出售他們能夠出售的東西，而不是一定是他們應該出售的東西粘性或流動性不足的位置。

"And that's how contagion happens, from what might be a small asset

“這就是傳染力發生的方式，從可能的小資產中