80% of bitcoin is exchanged for Chinese yuan

In a report out today from Goldman Sachs about the future of money, the bank points out that 80% of bitcoin volume is now exchanged into and out of Chinese yuan. The second-highest trading currency is the US dollar, followed by smaller denominations in yen and euros.

高盛公司7日在一份有关货币未来的报告中指出，80%的比特币通过人民币交易。第二大交易货币是美元，然后是日元和欧元。

The revelation of China’s bitcoin trading dominance seems to defy the logic that tight government restrictions would depress bitcoin’s adoption in the world’s largest economy. The amount of bitcoin trading activity in China has also risen, despite bitcoin’s precipitous price fall from last year’s $1,000-plus highs to less than $300 today.

中国被披露主导比特币贸易一事似乎推翻了这样的逻辑：即政府的严格管控会抑制比特币在世界最大经济体的交易。事实上中国比特币交易活动量还有所上升，尽管目前比特币的价格已从去年1000美元以上的高点暴跌至不到300美元。

China’s central bank clamped down on the cryptocurrency back in December 2013 when it banned bitcoin transactions at banks, retailers, and payment companies such as Alipay and Tencent. But the data show that bitcoin volume continued marching higher as bitcoin believers kept buying, selling and mining the cryptocurrency.

2013年12月，中国央行禁止比特币在银行、零售商，以及支付宝和腾讯等支付公司交易，取缔了这种密算货币。但数据显示，随着比特币支持者继续买卖和“开采”这种密算货币，比特币交易量持续走高。

The fact that China has become a major mining hub is a likely contributor to its high bitcoin transaction volume, according to a report from the U.S.-China Economic and Security Review Commission. The report also notes that bitcoin has lured day traders looking to profit off of bitcoin’s volatility, as well as younger Chinese investors who might not have the money to invest in property or the understanding to invest in the stock market.

据美中经济与安全评估委员会报告称，中国比特币交易量居高不下的一个原因是，中国已成为比特币主要开采中心。报告还指出，比特币吸引了寻求从比特币币值波动中获利的短线投机者，以及无力投资不动产和不熟悉股市的中国年轻投资者。

Bitcoin evangelist and crypto currency lawyer Roland Sun explained in an interview on industry website Lets Talk Bitcoin that there’s no explicit ban on buying, selling, or owning bitcoin as long as the central bank considers it a commodity, rather than a currency. He said “the only restriction imposed here is to block financial institutions and third-party payment processors from aiding crypto currency businesses (yet there are still many loopholes in reality to circumvent or even penetrate that restriction).”

报道称，比特币支持者和密算货币律师罗兰·孙在业界网站“Lets Talk Bitcoin”上的访谈中解释说，只要央行认为比特币是商品而非货币，那么对买卖或持有比特币就没有明确的限制。他说：“在这里唯一的限制是禁止金融机构和第三方支付公司辅助密算货币交易（但实际上有很多漏洞存在，可以设法回避，甚至打破限制）。”

So until the Chinese government provides more clarity on its bitcoin stance, China’s bitcoin trade is likely to go on.

因此，除非中国政府更明确地表明其对比特币的反对立场，中国的比特币私下交易很可能会持续下去。