澳大利亚正在出现一种新的贷款形式，包括贷方在内的每个人都同意这是有风险的

少数服装提供贷款以换取加密货币。也就是说，在任何给定的贷款安排中，比特币和以太坊都被接受为抵押品

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

澳大利亚正在出现一种新的贷款形式，包括贷方在内的每个人都同意这是有风险的。

So, what are we talking about here?

那么，我们在这里谈论什么？

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

少数服装提供贷款以换取加密货币。

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.

也就是说，在任何给定的贷款安排中，比特币和以太坊都被接受为抵押品，这是一种资产作为贷款的安全。

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

这种类型的贷款在2017年开始，并在大流行期间加剧。

There are a few points to make here.

这里有几点要做。

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

首先，一些经济学家说，这是加密货币的风险，波动且没有内在价值，这是邦克斯的银行业务。

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

其次，这种贷款实践是合法的，贷方获得许可。

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

第三，ABC被告知，这些贷款合同中的借款人相对富裕。

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

最后，值得一提的问题：这些贷方在这里玩更大的游戏吗？那可以是什么游戏？

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

事实是，加密货币正在进入财务领域，这些地区曾经被认为是荒谬的。

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.

现在，据报道，数以百万计的澳大利亚人拥有至少一种加密货币，一些澳大利亚公司正在从事零售或日常妈妈和爸爸的贷款，或使用加密货币作为抵押品，而至少五家大澳大利亚金融公司也这样做。

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

让我们首先看一下贷款合同的细节。

How do crypto loans work?

加密贷款如何工作？

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

典型的加密贷款价值约为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.

贷方通过以11％的利率借入现金来赚钱，并以15％的价格将其借给客户。

The margin here is 4 percentage points.

这里的利润是4个百分点。

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，如果比特币的价格在贷款的期限或期限内上涨，例如，客户可以借更多的汽车甚至房屋存款的钱。

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

如果急剧下降，则要求借款人造成更多现金。

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

贷款与贷款比率（LVR）之间有所不同，但ABC交谈的一位贷方的LVR为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，对客户的风险越高，对金融机构的风险越低。

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.

简而言之，将加密货币用作抵押品的价格将需要严重暴跌，然后才能向贷方造成财务风险。

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

然而，奇怪的是，这种波动率被认为是一种风险。

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

这可以解释为什么商业银行不愿为这些加密贷款人提供财务。

"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联合创始人Johnny Phan告诉ABC：“目前，如果您走进典型的银行，如果您的比特币有股权，则银行不会将其借给您。”

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

“它们仅对财产或您的信用资料进行贷款。

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

“我们也以相同的方式这样做，但是我们正在使用比特币而不是财产来进行安全。”

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，它对比特币作为资产类别的持续利益非常有信心，它将其贷款视为对具有信心的借款人的服务。

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?

简而言之，如果比特币是合法的资产，为什么不应该替换住房或房屋作为抵押贷款的类型或贷款安全呢？

And things do go wrong.

事情确实出了问题。

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，加密爱好者巴尼（Bayani）在总部位于美国的加密货币交易所和贷方Celius的20,000美元贷款中占据了1.6个比特币的抵押品。

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

但是，比特币的价格暴跌和摄氏遇到了财务麻烦。

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

他收到了公司的电子邮件，通知他LVR正在下降，并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.

他犹豫不决，因为他说，在社交媒体上有猜测该公司陷入了财务困境。

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

他最终失去了所有比特币，价值超过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.

最后，他从清算人那里获得了33,000美元，但他用其中的很大一部分来偿还他的20,000美元贷款，使他获得了13,000美元。

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

如果您包括比特币的价格，Bayani被放弃了数千美元。

Financial stability risk

财务稳定风险

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.

独立的经济学家索尔·埃斯莱克（Saul Eslake）表示，使用加密货币作为安全性，小型和大型金融机构的崩溃可能会给澳大利亚的金融稳定性带来很大的风险，尤其是如果针对加密货币的贷款变得广泛。

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

他说：“在这种情况下的风险是，发现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.

“如果这些资产的价值有巨大的逆转和对其市场的变化，那么历史告诉您，发生的事情是人们出售他们能够出售的东西，而不是一定是他们应该出售的东西粘性或流动性不足的位置。

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

“这就是传染力发生的方式，从可能的小资产中