理海商学院研讨会 第二期![]()
Libra的觉醒：Facebook正式进入加密货币领域
Libra Rising: Facebook’s Move into Cryptocurrency
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一种不同的加密货币
A Different Kind of Cryptocurrency
At a time when some question whether tech giants such as Facebook, Google, and Amazon already have accumulated too much power, what happens if one of them becomes a major player in the global markets competing with currencies issued by sovereign countries?
关于科技巨头，如脸书，谷歌，亚马逊是否已经累积了太多实力，这问题一度是讨论热点。试想一下，如果它们其中之一成为了能够在全球市场上与主权国家相抗衡的主要的参与者会发生什么呢？
When currency is backed by the government that issued it, as is the case with the dollar in the United States, the yuan in China, and the euro in the European Union, as well as many other major world currencies, it provides a certain sense of security for most people.
当货币是由发行政府支撑，如美元之于美国，人民币之于中国，欧元之于欧盟，就像大多数其他主要的世界货币一样， 这在一定程度上给与了大多数人一种安全感。
So what would be behind Facebook’s cryptocurrency? Unlike other cryptocurrencies, such as Bitcoin, which have no assets backing them up, Libra will have a reserve of stable and liquid assets, such as government bonds, which in effect means it will be backed by sovereign currencies from other nations.
那么脸书发行的加密货币有谁支撑呢？不像其他的加密货币，例如比特币，它的背后是没有任何资产作为支撑的。Libra将有稳定且具有流动性的资产作为担保，例如政府债券，这实际上就意味着它是由其它主权国家货币来支撑的。
What happens, then, if Libra becomes a huge force in the bond markets and Facebook’s interests become contrary to the interests of the Federal Reserve in the U.S., or other countries’ interests, in terms of their approach to buying and selling bonds? It could make it much more difficult for governments to be able to use those markets to manage their own economies.
那么，如果Libra演变成了在债券市场上有重大影响的货币，同时脸书的利益与美联储的利益，或其它国家的利益就交易方式发生冲突时会发生什么？可想而知，政府利用金融市场来调整自身经济的能力就会变得更加困难。
The rapid rise of big tech companies and their expansion into other domains raises some interesting questions:
科技巨头自身的快速成长和对其它领域的扩张带来了一些有意思的问题：
How will governments effectively regulate a company on such crucial issues as how it collects and handles data or taxation if the company grows so large that it holds a significant share of the government’s currency in its reserves?
政府将如何在一些至关重要的问题上有效的管理这类公司，这些问题包括政府如何有效收集和管理这类公司的数据和税收，特别是当公司规模如此之大以至于它拥有了相当一部分政府的货币储备的时候？
Is there a tipping point where a company becomes so large, with so many users, that it in effect becomes a rival to the government, with the power to refuse to comply with regulations and laws?
是否存在一个引爆点，当公司规模如此之大，用户如此之多，以至于它实际上有能力去抵制政府的法律法规，站在了政府的对立面呢？
And whose side will the company’s users take if there is a showdown with their own government?
当公司与政府摊牌的时候，公司的用户会支持哪一方呢？
The Yellow Vest protests in France that virtually shut down public transportation several times over the past year to demonstrate opposition to increases in gas taxes and changes to the pension system are just one example of citizens directly challenging their government. Whose side would citizens be on if their government decided to ban Facebook or Google or another major tech company for refusing to comply with regulations? I’m not sure we know the answer.
在法国发生的黄背心运动就是公民直接挑战政府的一个例子。黄背心运动实际上就在过去几年内几次喊停了公共交通，以彰显他们在政府提高燃油税和养老金改革上的反对主张。当脸书，谷歌或者其它主要科技公司不遵守政府法规，政府决定处罚甚至禁用这些公司服务时，民众会站在哪一边呢？这个问题的答案尚未可知。
And since Libra is a standardized, global currency, it will have assets from every major nation in its reserves. So potentially, there could be one major player who would have an outsized influence not just on any one country’s market, but across global markets.
同时， 既然Libra是一种标准化的，全球性的货币，它的资产来源于世界主要国家的资金储备。所以，未来很有可能有一个主要的参与者，它不仅对任何一个国家有巨大的影响力，它的影响可能遍及全球市场。
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技术不是主要的问题![]()
[h2]Technology Is Not the Issue[/h2]The potential appeal of Libra for consumers is also easy to understand. In an increasingly global economy, having one currency that has a stable value and is accepted in any country would have obvious benefits.
Libra对消费者的潜在吸引力不难理解。在全球经济上升的趋势中，如果有一种货币有稳定的价值同时可以被任何一个国家承认将有显而易见的好处。
And going back to the Argentina example, the reason the government is able to tightly control the exchange of plummeting pesos for stable dollars is because it controls the banks. But no bank account would be needed for the Libra cryptocurrency, which would make it difficult once again for governments to control the flow of money.
回到阿根廷的例子，政府之所以可以严格控制暴跌的比索和稳定的美元之间的兑换主要是因为它控制了银行。但是Libra是不需要银行账户的，那就意味着政府将很难控制货币流动。
And at a time when fintech has already caused significant disruption in the banking industry, a universal, stable cryptocurrency would deal banks another major blow.
当今，金融科技已经在银行体系中引起了不小的混乱，一种全球的稳定的货币势必会给银行带来另一波冲击。
There are numerous other questions surrounding Libra, and they aren’t likely to be resolved soon. Facebook’s ambitious cryptocurrency won’t make its public launch in the first half of this year, as the company hoped, because of the widespread regulatory backlash. That backlash is fueled in part by the more general antipathy toward Facebook in light of its data collection and elections controversies, but more fundamentally, by the reluctance of the U.S. and other nation states to relinquish this ability to control currencies.
Libra还存在大量其它问题，这些问题在短时间内都很难解决。脸书野心勃勃的加密货币并不会像公司期望的那样在今年上半年就公开发行，这种延迟归结于广泛的监管上的强烈抵制。这种抵制由于脸书就数据收集和选举方面的争议带来的普遍反感而更加升温。但归根究底，是由于美国和其他国家政府不愿放弃对货币的控制。
The barriers to a global currency such as Libra are political, not technological. The technology now exists for a cryptocurrency like Libra to become a reality. That means the time to carefully consider the implications for individuals, governments, and the global economy is also now.
对Libra等国际货币的设限是政治性的，而不是技术上的。技术层面上加密货币如libra是可行的。这就意味着是时候来仔细权衡加密货币对个人，政府，和整个世界经济的影响了。
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