比特币从支付系统向投机资产的转变引发担忧

比特币的最初目标——成为一个分布式的全球支付系统——基本上已经失败了。对于常规交易来说，比特币毫无用处，因为其交易率低、成本高且作为支付方式的用途有限。

The European Central Bank (ECB) has raised concerns over Bitcoin's soaring value, highlighting its implications for wealth distribution and broader society.

欧洲央行（ECB）对比特币价值飙升表示担忧，强调其对财富分配和更广泛社会的影响。

In a recent working paper, ECB economists argue that Bitcoin's rapid price increase is primarily benefiting early adopters, leading to a transfer of wealth that can be harmful to new investors and non-holders.

在最近的一份工作文件中，欧洲央行经济学家认为，比特币价格的快速上涨主要有利于早期采用者，从而导致财富转移，这可能对新投资者和非持有者造成损害。

Unlike conventional assets that contribute to economic productivity, Bitcoin is viewed as a zero-sum game, with its price appreciation not adding to society's overall wealth. This redistribution of wealth, as the ECB economists warn, could have severe social implications, including financial hardship for the majority who do not own Bitcoin.

与有助于经济生产力的传统资产不同，比特币被视为零和游戏，其价格升值并没有增加社会的整体财富。正如欧洲央行经济学家警告的那样，这种财富的重新分配可能会产生严重的社会影响，包括大多数不拥有比特币的人面临经济困难。

The ECB also suggests that this widening disparity could pose a threat to society's stability and potentially even democracy.

欧洲央行还表示，这种不断扩大的差距可能对社会稳定甚至民主构成威胁。

Shift from Payment System to Speculative Asset Raises Concerns

从支付系统转向投机资产引发担忧

The ECB economists emphasize in their paper that Bitcoin's initial aim — becoming a distributed global payment system — has largely failed. Due to its slow transaction rates, high costs, and limited use as a payment method, Bitcoin is impractical for everyday transactions.

欧洲央行经济学家在论文中强调，比特币的最初目标——成为分布式全球支付系统——基本上已经失败。由于其交易速度慢、成本高以及作为支付方式的使用有限，比特币对于日常交易来说是不切实际的。

Instead, it has transformed into a speculative asset, where early investors' gains are realized through the losses or foregone opportunities of later participants. This has raised concerns about civil unrest, as those who missed out on Bitcoin's price surge experience financial difficulties relative to early investors.

相反，它已经转变为一种投机资产，早期投资者的收益是通过后来参与者的损失或放弃的机会来实现的。这引发了人们对内乱的担忧，因为那些错过比特币价格飙升的人会比早期投资者面临财务困难。

Moreover, the paper criticizes how celebrities and influencers portray Bitcoin as an irresistible investment, a portrayal that distorts its nature and fuels speculative bubbles detached from economic fundamentals.

此外，该论文还批评名人和影响者将比特币描绘成一种不可抗拒的投资，这种描绘扭曲了比特币的本质，助长了脱离经济基本面的投机泡沫。

According to the ECB, the飆漲 of Bitcoin benefits a small group of people while depriving the majority of society. It concludes that latecomers and non-holders may be justified in supporting legislation that restricts Bitcoin's further spread or even bans it outright.

根据欧洲央行的说法，比特币的飙升使一小部分人受益，同时剥夺了社会大多数人的利益。它的结论是，后来者和非持有者可能有理由支持限制比特币进一步传播甚至彻底禁止比特币的立法。

This warning comes at a time when governments around the world are increasingly considering the implications of cryptocurrencies. Critics of the ECB's stance argue that the central bank overlooks Bitcoin's potential value as a form of digital gold.

这一警告是在世界各国政府越来越多地考虑加密货币的影响之际发出的。欧洲央行立场的批评者认为，央行忽视了比特币作为数字黄金形式的潜在价值。

However, the ECB maintains that the implications of Bitcoin for the distribution of wealth cannot be ignored and should be a central focus in upcoming policy discussions.

然而，欧洲央行坚持认为，比特币对财富分配的影响不容忽视，应成为即将到来的政策讨论的中心焦点。

Meanwhile, CNF previously reported that the ECB is set to introduce offline payments for the digital euro, allocating €1.3 billion to contractors that are qualified to create this capability for the digital currency. The bank has confirmed that providers specializing in risk management, information security, and user applications will be tasked with carrying out these functions.

与此同时，CNF 此前报道称，欧洲央行将推出数字欧元线下支付，向有资格为数字货币创建这种功能的承包商拨款 13 亿欧元。该银行已确认，专门从事风险管理、信息安全和用户应用程序的提供商将负责执行这些功能。