编者按：本文来源创业邦专栏滴石财经。
Editor by: Source: Enterprise State.
今天再来说说数字货币。之前中央政治局集体学习了区块链，各种市场行情就开始风起云涌，沉寂已久的币圈又开始蠢蠢欲动，颇有再大割一波韭菜的态势。总之，市场上短时间内涌现出的各种嗨、各种懵逼、各种担忧和困惑让人们对区块链更加看不懂了。
Before the Central Political Office’s collective learning of the block chain, market dynamics began to rise, the silting currency circle began to move again, and there was a tendency to cut up a new wave of vegetables. In sum, the market’s short-term appearance of highs, strangulations, worries, and confusion made the chain even more difficult to understand.
但从这一段时间各种信息逐步发布的脉络来看，区块链技术未来的发展，特别是以区块链技术为基础的数字货币开始越来越清晰了。
But in the context of the gradual release of information during this period, future developments in block chain technology, especially digital currency based on block chain technology, are becoming clearer.
数字货币越来越清晰
近来，关于数字货币的信息层出不穷，而最近的消息就是11月6日，中国政府网发布的《产业结构调整指导目录（2019年本）》。与之前的征求意见稿相比，曾经在征求意见稿中处于淘汰产业的“虚拟货币挖矿”一项在正式出台的目录中并没有出现。也就是说，虚拟货币挖矿已经不在被淘汰之列。
More recently, information on digital money has been growing, and the most recent news is that on November 6th, China’s network published the Directory of Guidance on Industrial Restructuring (2019 editions). A “virtual money mining” that was in the phase-out industry in the draft was not shown in the officially published catalogue, compared to the previous consultation draft.
The virtual currency mining is no longer on the list.
此前，中国政府对于挖矿而言，并没有公开反对，但内部亦下达多个文件。2018年1月2日，互联网金融风险专项整治办工作领导小组下发文件，要求各地引导辖内企业有序退出“挖矿”业务，并定期报送工作进展。此次发改委征求意见稿，将其列为淘汰产业后，各地更是开始清除矿场。
On 2 January 2018, the Head Group of the Specialized Internet Financial Risk Management Service issued a document requesting that enterprises in China should be directed out of the “mining” business in an orderly manner and should report regularly on the progress of the work. After the Board’s comments on the report, which listed it as a phase-out of the industry, the site began to be cleared.
这次对于虚拟货币挖矿的政策更新又一次引动了“挖矿”产业的热度。但这里的挖矿与之前的比特币挖矿可不是一个概念，虽然技术手段基本相同，但结果和效用完全不同。
This policy update on virtual currency mining has once again triggered the heat of the “mining” industry. But mining here is not a concept as compared to previous bitcoin mining, and although the technical means are basically the same, the results and utility are quite different.
此次对挖矿的支持，更多是考虑到整个区块链的发展，为区块链运行提供上游算力保证。挖矿只是一种技术层面的实现手段，而不是说又鼓励搞什么类似比特币的挖矿。
supports mining, taking into account the development of the entire block chain and providing upstream arithmetic assurance for the operation of the block chain.
其他，如工信部将建立区块链标准体系推动成立区块链和分布式记账技术标准化委员会；央行数字货币研究所签约华为；香港证监会发布虚拟资产交易所监管细则；央行数字货币将开启“赛马”模式等等一系列消息，都在显示，中国的数字货币正在快步向我们走来。
Others, such as the creation by the Ministry of Trade and Communications of a system of block chain standards to facilitate the establishment of a technical standardization committee for block chains and distributional bookkeeping; the signing of a contract by the Central Bank's Digital Monetary Institute; the issuance by the Hong Kong Censorship Council of rules governing the virtual asset exchange; and the opening of the “horse race” model by the central bank's digital currency, all of which indicate that China's digital currency is fast approaching us.
同时，这也显示，关于区块链和数字货币，中国已经有了明确的发展思路和执行逻辑，而且已经开始集中实施。
At the same time, it shows that, with regard to block chains and digital currencies, China has a clear vision of development and implementation logic and has begun to focus on implementation.
这些在政治局学习之后短时间内发布出来的措施，也可以看作这是对政治局集体学习区块链，并提出区块链发展愿景之后各政府部门经过详细研究规划后的具体分工和落实。
These measures, issued within a short period of time after learning by the Political Bureau, can also be seen as a concrete division of labour and implementation by the various government departments following a detailed study of the political bureau's block chain of collective learning and the development of a vision of the block chain.
数字是数字 货币是货币
The number
同样也是11月6日，中国人民银行发布消息称，人民银行数字货币研究所与香港贸易融资平台有限公司代表，在香港签署《关于两地贸易金融平台合作备忘录》，旨在把中国人民银行贸易金融平台与香港“贸易联动”平台对接。
Also on 6 November, the People's Bank of China issued a message stating that the People's Bank's Digital Monetary Institute and representatives of the Hong Kong Trade Finance Platform Limited had signed a Memorandum of Understanding on Cooperation between Trade and Finance Platforms in Hong Kong with a view to docking the Trade and Finance Platform of the People's Bank of China with the Hong Kong “Trade Linking” platform.
这一合作将通过区块链技术打通两地市场，使贸易双方、融资与被融资方增加共信，并使两地资金更高效地流通。这也可以看作是中国数字货币加快落地的一个重要措施。
This cooperation will also be seen as an important measure to accelerate the landing of China's digital currency.
区块链是一种信息技术，而不是一种生产方式。而基于区块链技术的数字货币是一种技术和金融的复合体。纯技术环境产生的只是一堆代码，而货币是有着其特有属性的。也就是数字是数字、货币是货币，数字货币产生于数字技术，但并不决定于数字。数字货币最终作为一种货币，必然是要有着其官方属性的。
The block chain is an information technology, not a means of production. Digital money based on block chain technology is a technical and financial complex. Pure technological environments produce just a bunch of codes, and currencies have their own attributes. That is, numbers are numbers, currencies are currencies, digital currencies are digital, but they are not decided by numbers. Digital currencies are ultimately, as a currency, bound to have their official attributes.
实际上，人民银行早在2014年开始研究和打造属于自己的数字货币DCEP（Digital Currency Electronic Payment）。2017年，央行成立了数字货币研究所，直到 2019 年 10 月 28 日中国央行数字货币DCEP 正式提出，央行针对数字货币已经申请了 74 项专利。可以说，对于数字货币，中国央行已是运筹良久。
Indeed, the People’s Bank started researching and building its own digital currency DCEP as early as 2014. In 2017, the Central Bank established the Digital Monetary Institute until October 28, 2019.
近日，央行主管支付结算和数字货币的副行长范一飞与华为签约，就是未来数字货币的一个明显标志。数字货币肯定是要以移动支付为主的，而华为在手机终端，以及运行数据库层面，都有巨大的优势，一旦法定数字货币发行，华为手机可能会在第一时间支持数字货币钱包。
In recent days, Fan Yi Fei, the vice-president of central banks who pays settlements and digital money, has signed with China, a clear sign of the future of digital money. Digital money must be dominated by mobile payments, while at mobile terminals and database levels, China has a great advantage, and once the legal digital currency is issued, it may support digital money wallets in the first place.
未来，中国数字货币的整体上层数据库必然是掌握在央行层面。央行与华为合作，就给未来银行直接发行数字货币铺平了道路。
In the future, the overall top-level database of China’s digital currency is necessarily at the central bank level. By working with China, the central bank has paved the way for future banks to issue digital money directly.
在央行跟华为签署协议的同时，任正非表示，“区块链在量子计算面前一钱不值”。乍一听，好像是对区块链的贬低，但实际上，这恰恰正说明了未来数字货币的属性。
, at the same time as the central bank signed an agreement with China, let's say that “the block chain is worthless in terms of quantum calculations.” At first glance, it seems to be a demeaning of the block chain, but in fact it is precisely the attributes of the future digital currency.
这个逻辑就是，区块链只是一种技术，实现了数字货币的功能。但其作为一种技术来说，在量子计算面前也会轻易被攻破。所以区块链、数字货币作为货币功能的实现，最根本的是依赖于国家信用、依赖于法律，而不是技术本身。
The logic is that the block chain is just a technology that enables digital money to function. But as a technology, it can easily be broken in the face of quantum computing. So the block chain, digital money as a monetary function, depends most fundamentally on the credit of the state, on the law, not on the technology itself.
在近来央行对数字货币的表态来看，央行现在非常希望尽快推出中国官方数字货币。同时，也可以预见到，在未来各国数字货币的发行过程中，领跑者将会在市场上占有很大先机。
In recent statements by central banks about digital currencies, central banks now very much hope that China’s official digital currency will be introduced as soon as possible. At the same time, it is also foreseeable that, in the course of issuing future national digital currencies, the runners will take a significant lead in the market.
中国数字货币呼之欲出
区块链作为分布式数据存储、点对点传输、共识机制、加密算法等计算机技术的新型应用模式，简单来说，就是一种去中心化的分布式账本数据库。
Block chains are, simply speaking, a decentralised distributed book database as new applications of computer technology such as distributed data storage, point-to-point transmission, consensus mechanisms, encryption algorithms, etc.
比特币是一种P2P形式的虚拟加密数字货币，以比特币为代表的虚拟货币只是区块链技术的一个具体应用。它最根本的一个优势，就是摆脱了传统的银行账户体系的控制，具有币值稳定的优势。基于区块链技术的数字货币由于具备安全性高、支付迅速、解决互信的特点，将成为国际化数字货币的主流形态。
Bitcoin is a virtual encrypted digital currency in the form of a P2P, and a virtual currency, represented by bitcoin, is only a specific application of block chain technology. One of its fundamental advantages is to move away from the traditional bank account system and have the advantage of currency stability. Digital currency based on block chain technology will become the dominant form of internationalized digital currency because it is characterized by high security, rapid payments, and resolution of mutual trust.
至于Facebook推出的数字货币Libra，可以视作一个潜在的世界级的货币变革。但Libra不可能是一个纯粹的区块链，它底层用的是中心化的架构，只有最终结算那一层是属于区块链技术。
As for Facebook's digital currency, Libra, it can be seen as a potential world-class currency change. But Libra can't be a pure block chain. It's based on a centralized structure. Only the final settlement of that layer is a block chain technology.
同时，Libra很难实现币值稳定。因为Libra作为稳定币若要推行成功，意味着Libra的创始协会既要扮演Libra的中央银行的角色，同时也会演变成一个私营的国际货币基金组织，甚至需要它的影响力比国际货币基金组织还大。而其币值稳定和组织盈利将会是一个悖论。
At the same time, it is difficult for Libra to achieve currency stability. For Libra to succeed as a stable currency, it means that Libra’s founding association, while playing the role of the central bank of Libra, will evolve into a private International Monetary Fund, even more influential than the International Monetary Fund.
再有，Libra宣称自己是普惠金融，为弱势货币国家群众服务。但对弱势货币国家来讲，如果老百姓大量用本币兑换Libra，会把本币推向贬值，从而加剧只有本币资产的人的贫穷状况，反而没有达到他们所说的普惠金融的目的。
Moreover, Libra claims to be inclusive finance for the benefit of the population of a vulnerable currency country. For a vulnerable currency country, if the population converts the currency to Libra in large quantities, it will push the currency into devaluation, thereby exacerbating the poverty of people who have only assets in this currency, instead of achieving what they call inclusive finance.
因此，Libra作为一个潜在的世界级货币改革，如果变革没有处理好，很可能会是一个巨大的隐患。
As a potential world-class monetary reform, Libra is therefore likely to be a huge risk if the changes are not addressed.
而就目前透露的信息看，央行数字货币具有无限法偿性。可以拒收微信、支付宝；不能拒绝接受DCEP。同时，央行数字货币甚至可以不依赖于网络，支付时不需要绑定任何银行账户，就可以实现离线付款和离线收款。
At the same time, central banks can not even rely on the network, and payments do not require any bank account to be tied, allowing off-line payments and off-line collections.
总之，央行数字货币DCEP是由央行发行、国家信用支撑，与法定纸币和硬币完全等价、完全法偿的数字货币，它与目前市场上交易的数字货币和非主权数字货币Libra等有本质区别。
In short, the central bank digital currency DCEP, which is supported by central bank issues, State credit, is fundamentally different from statutory paper and coins, and fully legalized digital currencies, such as the digital currency and non-sovereign digital money currently traded on the market, such as Libra.
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