加密货币的采用越来越大，可能对传统金融体系构成风险，并加剧财富不平等

作者：国际定居银行（BIS）更新：2023年4月15日，上午1:13

The growing adoption of cryptocurrencies may pose risks to the traditional financial system and exacerbate wealth inequality, according to the Bank for International Settlements (BIS).

根据国际定居银行（BIS）的数据，加密货币的采用越来越大，可能对传统金融体系构成风险，并加剧财富不平等。

In an April 15 report, the BIS warned that the number of investors and amount of capital in crypto and decentralized finance (DeFi) have “reached a critical mass,” with investor protection becoming a “significant concern for regulators.”

在4月15日的报告中，BIS警告说，加密货币和分散财务（DEFI）的投资者数量和资本数量已“达到了关键群众”，投资者的保护成为“对监管机构的重要关注”。

The size of the crypto market signals that authorities should be worried about the “stability of crypto over and above the role it may have for TradFi and the real economy,” the report states, highlighting the role of stablecoins, which the BIS said have “become the means through which participants transfer value within crypto.”

该报告指出，加密货币市场信号的规模表明，当局应该担心“加密货币的稳定性超过了它对Tradfi和真实经济的作用”，该报告强调了Stablecoins的作用，BIS表示，BIS表示，这已成为“参与者在加密货币内转移价值的手段”。

The report calls for targeted stablecoin regulation on stability and reserve asset requirements that will guarantee the redemption of stablecoins for US dollars during “stressed market conditions.”

该报告要求针对稳定性和储备资产要求有针对性的稳定法规，以保证在“压力市场条件”期间以美元赎回的稳定币。

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The report comes two weeks after the US House Financial Services Committee passed the Stablecoin Transparency and Accountability for a Better Ledger Economy, or STABLE Act, with a 32–17 vote on April 2.

该报告是在美国众议院金融服务委员会通过了稳定的透明度和责任制两周后，以实施更好的分类帐或稳定法案，并于4月2日以32-17票进行投票。

The STABLE Act aims to create a clear regulatory framework for dollar-denominated payment stablecoins, emphasizing transparency and consumer protection.

稳定的法案旨在为以美元计价的支付稳定币创建明确的监管框架，从而强调透明度和消费者保护。

On March 13, the GENIUS Act, short for Guiding and Establishing National Innovation for US Stablecoins, passed the Senate Banking Committee by a vote of 18–6. The act aims to establish collateralization guidelines and require full compliance with Anti-Money Laundering laws from stablecoin issuers.

3月13日，《天才法》（Genius Act）指导和建立为美国稳定的国家创新的缩写，以18-6的投票通过了参议院银行委员会。该法案旨在制定抵押指南，并要求完全遵守Stablecoin发行人的反洗钱法律。

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Crypto may exacerbate wealth gap

加密可能会加剧财富差距

The BIS also raised concerns about how crypto markets may worsen income inequality by enabling larger investors to capitalize on the emotions of less sophisticated retail participants, as seen during the FTX collapse in 2022.

BIS还引起了人们对加密市场如何通过使大型投资者能够利用不太成熟零售参与者的情绪来恶化收入不平等的担忧，如2022年FTX崩溃所示。

“As prices tumbled in 2022, users actually traded more. Most disturbingly, large bitcoin holders ('whales') were selling as ordinary retail investors ('krill') were buying,” the BIS stated.

BIS说：“随着价格在2022年跌倒时，用户实际上进行了更多的交易。最令人不安的是，大型比特币持有人（'鲸鱼'）作为普通的零售投资者（'Krill'）购买。”

The report concludes that DeFi and TradFi have similar underlying economic drivers, but DeFi’s “distinctive features,” like “smart contract and composability,” present new challenges that need proactive regulatory interventions to “safeguard financial stability, while fostering innovation.”

该报告得出的结论是，Defi和Tradfi具有相似的基本经济动力，但是Defi的“独特特征”，例如“智能合约和合成性”，提出了需要积极主动的监管干预措施以“维护财务稳定性的，同时促进创新的同时进行创新”。