萨尔瓦多：比特币采用的开创性实验

2021年9月，埃尔·萨尔瓦多（El Salvador）成为世界上第一个制作比特币法律招标的国家。由总统纳伊布·布克勒（Nayib Bukele）率领的这一突破性决定被加密货币爱好者称赞，这是比特币合法性的重大胜利。

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.

比特币由匿名个人或纳卡本（Satoshi Nakamoto）的匿名个人或团体创建，引发了数字金融革命。作为一个分散的加密货币，比特币独立于传统的银行系统运营，并且不受任何中央机构的控制。在过去的十年中，比特币在采用，市值和公众意识方面经历了显着增长。它对快速，无边界交易的承诺及其破坏传统金融体系的潜力吸引了投资者，企业和政府的关注。

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，比特币的价值自成立以来一直非常波动，引起人们对其作为价值或交换媒介的稳定性的担忧。尽管如此，许多个人和机构将比特币视为抵制通货膨胀的对冲，尤其是在民族货币大幅贬值的地区。例如，委内瑞拉和阿根廷等国家对比特币的兴趣不断增加，这是一种保护财富免受过度通货膨胀的一种方式。

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.

比特币的日益普及迫使全球金融机构，监管机构和政府面临其影响。一方面，比特币代表了一种新颖的金融创新，可以增加金融包容性并为跨境贸易提供新的机会。另一方面，比特币的波动性，促进非法活动的潜力以及其环境影响对政府和监管机构带来了重大挑战。

El Salvador: A Pioneering Experiment

萨尔瓦多：开创性的实验

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，埃尔·萨尔瓦多（El Salvador）成为世界上第一个制作比特币法律招标的国家。由总统纳伊布·布克勒（Nayib Bukele）率领的这一突破性决定被加密货币爱好者称赞，这是比特币合法性的重大胜利。埃尔·萨尔瓦多（El Salvador）采用比特币有可能重塑其经济，尤其是通过增加无银行人口获得金融服务的机会。

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.

支持萨尔瓦多比特币采用比特币的主要论点之一是它的潜力是为该国大量的无银行人口提供财务包容性。根据世界银行的数据，萨尔瓦多的近70％的成年人口无法获得传统金融服务。通过采用比特币，政府希望创建一个分散的金融基础设施，该基础设施可以为农村和服务不足的地区提供数字钱包和全球支付系统的个人。此举也可以降低汇款成本，因为许多居住在国外的萨尔瓦多人通过昂贵的中介机构将钱寄回了家人。

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，许多专家，金融机构和公众都对制作比特币法律招标的决定对此表示怀疑。主要问题之一是比特币的波动，这可能会使该国经济稳定。比特币的价格波动是戏剧性的，其价值在几天或几周内摇摆了数千美元。对于像萨尔瓦多（El Salvador）这样的国家（其中很大一部分人口依赖汇款的国家），比特币的不可预测性质可能会给依赖稳定收入流的家庭带来风险。

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，批评家认为，比特币的分散和化学性质可以使其成为洗钱，逃税和其他非法活动的工具。国际货币基金组织和世界银行等金融机构对金融稳定的潜在风险表示担忧，并警告政府实施基于加密货币的货币体系所面临的挑战。

The Role of Government and Regulators in Cryptocurrency Adoption

政府和监管机构在采用加密货币中的作用

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.

随着各国探索采用比特币，政府和监管机构等加密货币，面临许多挑战。政府的主要作用之一是平衡加密货币的创新潜力，并需要确保财务稳定，保护消费者并防止非法活动。

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.

比特币的分散性质对传统监管框架提出了挑战，因为它在中央银行或政府机构的控制之外运作。在传统的金融体系中，中央银行规范货币供应，设定利率并管理货币政策以确保经济稳定。相比之下，比特币受到分散的计算机网络的约束，其供应受到将硬币总数为2100万的算法的限制。这创造了监管机构必须与之抗衡的完全不同的动态。

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).

为了回应比特币日益普及的人，许多国家已经开始引入加密货币法规。这些法规差异很大，具体取决于该国的创新方法，财务稳定和风险管理。一些国家，例如中国，采取了严格的方法，禁止加密货币开采和交易。其他人，例如美国，采用了更加动手的方法，监管机构专注于税收，反洗钱（AML）等领域，并打击了恐怖主义融资（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.

中央银行在规范加密货币中的作用是另一个有争议的问题。中央银行负责管理国家货币政策，并且像比特币这样的加密货币的广泛采用可能会破坏其影响利率，通货膨胀和整体货币供应的能力。一些中央银行的回应是开发了中央银行数字货币（CBDC），这些货币是国家支持的数字货币，可维持传统法定资金的稳定性和控制权，同时纳入数字技术的好处。

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

就萨尔瓦多埃尔·萨尔瓦多而言，政府决定采用比特币作为法定货币提出了有关