"稳定币和央行数字货币并非零和"，黄益平在 2025 夏季达沃斯访谈中提出，两者可在不同场景互补：CBDC 侧重法偿性与监管可控，适合大额、跨境及公 共支付；合规稳定币则依托市场机制，满足零售与链上生态需求。他建议，可在香港先行试点"盯住离岸人民币"的稳定币，既为境外人民币资产提供链上结 算工具，也为内地资本项目未完全开放留出"风险隔离墙"。 【邀请诺贝尔奖、图灵奖得主、两院院士、各行业专家，请联系五洲名家智库】 1957 年生于浙江的黄益平，拥有澳大利亚国立大学经济学博士，是北京大学国家发展研究院教授、院长，两度被任命为中国人民银行货币政策委员会委员 （2015—2018、2024—至今），并兼任中国金融四十人论坛学术委员会主席、北京大学数字金融研究中心主任。丰富的政策咨询与海外投行经历，使他对数 字货币、宏观金融与监管科技始终保持前沿视角。 数字货币：全球货币体系重构的"增量变量" 黄益平指出，数字货币并非短期风口，而是"正在改写支付、清算与储备资产规则"的增量变量。全球九成以上的虚拟资产交易已借助稳定币完成，而 90% 的稳定币与美元挂钩，"这相当于在现有跨境支付系统之外，再建一条由私营机构主导的美元清 ...

21世纪经济报道记者张欣 190万枚泰达币（USDT）、价值超1300万元，如今正等待主人认领。近日，湖北省咸宁市嘉鱼县公安局一则"无主财物处理公告"，让这笔涉案 虚拟货币走进公众视野。 湖北警方公告显示，这批泰达币是警方在侦办敲诈勒索、侵犯公民个人信息两起案件时，从犯罪嫌疑人曾某住处查获的，目前原主身份不明。 公告中还表示明确，相关财物所有人需于公告发布之日起六个月内，携带合法证明材料、身份证等前往该局办理认领手续；若公告期满后无人 认领，或权利人无法提供合法依据，警方将依法把涉案物品及孳息上缴国库。 USDT作为与美元挂钩的稳定币，其价格通常在1USDT≈1美元上下小幅波动，以当前主流场外市场 USDT兑人民币7.06—7.08元的参考价格计 算，190万枚 USDT 的总价值约1340万元人民币，具体数额会因不同交易平台兑换价格差异而有所浮动。 第一，虚拟货币虽在司法实践中往往被认定为一种具有财产价值的虚拟资产，但其并不具有法偿性，不具备货币地位，任何以虚拟货币为名的 交易、投机和金融业务在我国均处于严格禁止状态。因此，因参与非法交易活动产生的亏损属于自担风险，法律不会兜底。 第二，虚拟货币并非天然"隐 ...

中国互联网金融协会、中国银行业协会、中国证券业协会等七家协会近日联合发布风险提示，再次敲响 了虚拟货币监管警钟。提示明确表示，虚拟货币不能作为货币在我国境内流通使用，我国金融管理部门 未批准任何现实世界资产代币化活动。业内人士提示，在相关部门进一步严格监管的同时，投资者要增 强风险意识，不参与虚拟货币交易炒作活动，千万别轻信虚拟货币的"造富神话"。 社交平台刮起炒币"种草"风 虚拟货币投资近年来热度不断攀升，但其背后伴随着极高的风险，"一晚上账户缩水一半""交易平台突 然无法登录""稳定币不再稳定"等让虚拟货币投资者苦不堪言。 今年以来，虚拟货币市场暗流涌动，相关投机炒作活动有所抬头。记者发现，仍有币圈玩家通过社交平 台招揽新用户，并以高收益为噱头，引导用户下载相关App并参与虚拟货币炒作。 小红书、微博等社交平台刮起一股炒币"种草"风。多名"神秘"博主宣称在"币圈"获利颇丰，晒出的收益 截图十分诱人。11月底，一位IP显示为中国香港的博主展示了比特币对美元的永续合约收益，回报率高 达230.4%，盈利约130.95万美元，并写道"这次的跟4月份相比差了一些"。帖子下方，不少网友留言"怎 么玩，求带""带我吗 ...

Group 1 - Macron calls for a shift in the European Central Bank's (ECB) monetary policy to focus on economic growth and employment alongside inflation control, breaking the norm of leaders avoiding comments on central bank policies [1][3] - The ECB's current core mission is to maintain medium-term inflation close to 2%, differing from the dual mandate of the Federal Reserve which includes maximizing employment [1] - Macron has previously suggested broadening the ECB's policy objectives to include economic growth and decarbonization goals [1] Group 2 - Macron highlights financial stability risks due to the U.S. relaxing regulations on crypto assets and stablecoins, urging Europe to maintain its status as a stable and credible investment zone [2] - He supports the issuance of European common debt to create more high-liquidity, safe assets, thereby enhancing the euro's status as an international reserve currency [2] - Macron criticizes the ECB's ongoing policy of selling government bonds, suggesting it could lead to higher long-term interest rates, suppress economic activity, and strengthen the euro [3]

Core Insights - BlackRock's 2026 Financial Outlook report predicts that the total U.S. debt will exceed $38 trillion by 2026, diminishing the hedging properties of traditional tools like long-term government bonds [1] - Institutional investors are increasingly adopting cryptocurrencies like Bitcoin as alternative assets, with analysts forecasting Bitcoin prices to surpass $200,000 [1] - Tokenized assets and stablecoins are highlighted as key pillars of the digital financial ecosystem, while the AI industry's demand for electricity is transforming Bitcoin miners into AI infrastructure providers [1] Group 1: XBIT Wallet Features - XBIT Wallet is a decentralized web3 wallet that utilizes a revolutionary security architecture to redefine digital asset management standards [1] - Over 120 institutional investors are currently using XBIT Wallet for crypto asset allocation, which employs a decentralized structure for true asset ownership [3] - The wallet's security design includes a dual-mode architecture of hot and cold wallets, ensuring both transaction efficiency and the elimination of single-point failure risks [3] Group 2: Security and Backup Mechanisms - XBIT Wallet incorporates quantum-resistant encryption algorithms to safeguard assets against future quantum computing threats [3] - Users can back up their mnemonic phrases using physical solutions like steel etching and titanium alloy plates, ensuring cross-generational asset inheritance [3] - The wallet's unique "time lock" feature allows users to set delayed confirmations for large transactions, enhancing asset disposal decision-making through multi-signature technology [6] Group 3: Market Integration and Efficiency - XBIT Wallet supports on-chain interactions with mainstream stablecoins and is developing cross-chain interoperability modules [5] - The wallet's built-in stablecoin aggregator enables one-click exchanges between assets like USDT, USDC, and DAI, potentially saving up to 30% in transaction costs compared to traditional centralized exchanges [5] - The integration of a power market module allows users to lease excess computing power to AI companies, creating a dual-driven model of "mining + computing power" [6] Group 4: User Experience and Risk Management - XBIT Wallet features a modular design that allows users to customize their trading panels according to their needs [8] - The "security sandbox" function isolates suspicious transactions and employs machine learning algorithms for real-time risk analysis [8] - As the U.S. debt crisis escalates, cryptocurrencies are transitioning from fringe assets to core institutional allocations, with XBIT Wallet serving as a critical infrastructure in the web3 economy [8]

Core Viewpoint - The People's Bank of China (PBOC) has reiterated its stance on combating virtual currency trading and speculation, with multiple associations warning about the associated risks, particularly concerning the rise of real-world asset tokens and other related activities [1][3][4]. Group 1: Risks Associated with Virtual Currencies - A joint risk warning was issued by seven associations, including the China Internet Finance Association and the China Banking Association, highlighting the dangers of virtual currencies, stablecoins, and real-world asset tokens [1][3]. - The warning emphasizes that activities related to stablecoins and real-world asset tokens could lead to various risks, including false asset risks, operational failure risks, and speculative trading risks [4][6]. - The rise of concepts like stablecoins and real-world asset tokens has been linked to illegal fundraising and scams, with the PBOC categorizing stablecoins as a form of virtual currency [3][4]. Group 2: Regulatory Measures and Industry Response - Financial institutions are prohibited from engaging in any business related to virtual currencies and must conduct thorough due diligence to identify potential risks [6][7]. - The associations have called for heightened vigilance among the public regarding virtual currency activities, urging individuals to be cautious of high-yield promises and to avoid engaging with suspicious platforms [6][7]. - The joint risk warning aims to enhance compliance and reduce the presence of virtual currencies and related activities in the domestic market, promoting a more coordinated regulatory approach across financial sectors [7][8].

近日，监管部门出手，对虚拟货币交易炒作活动亮出鲜明态度与坚决措施。 先是人民银行召开打击虚拟货币交易炒作工作协调机制会议，联合12部门再次定调虚拟货币，紧接着， 7家协会联合发布风险提示，全面封堵炒币及相关业务通道。 这释放了清晰而强烈的信号：虚拟货币炒作是一条不可逾越的红线，任何相关投机与经营活动均不受法 律保护，必须从严整治、彻底遏制。 这种极端行情背后资金炒作、情绪操纵值得关注。要警惕的是，各类所谓"稳定币""现实资产代币 （RWA）"等新概念层出不穷，被包装成"锚定实体""稳健收益"的诱饵，实则沦为非法集资、金融诈骗 的新外衣，严重威胁公众财产安全。 投资者自身更应清醒认识到，虚拟货币炒作是危险的赌博游戏，而非理性投资。要树立正确的财富观， 增强风险防范意识，不轻信高收益承诺，不参与任何形式的虚拟货币交易活动，守护好自己的"钱袋 子"。 与此同时，虚拟货币炒作已形成一条隐蔽而顽固的灰色产业链。从境外平台的渗透宣传，到境内社交媒 体的引流推广，再到社群运营、交易指导的闭环操作，信息流跨平台协同，刻意规避监管视线。 金融安全是国家安全的重要组成部分。坚决遏制虚拟货币炒作乱象，是维护金融秩序、防范金融风险的 ...

Core Viewpoint - The People's Bank of China has reiterated its commitment to combat virtual currency trading and speculation, with multiple associations warning about the risks associated with virtual currencies and related activities [1][3]. Group 1: Risks Associated with Virtual Currencies - A joint risk warning was issued by seven associations, including the China Internet Finance Association and the China Banking Association, highlighting the dangers of virtual currencies, stablecoins, and real-world asset tokens [1][4]. - The warning emphasizes that activities related to stablecoins and real-world asset tokens could lead to false asset risks, operational failure risks, and speculative trading risks [3][4]. - The rise of concepts related to virtual currencies has led to illegal fundraising and fraud, with criminals exploiting these terms to conduct illicit activities [3][4]. Group 2: Regulatory Environment - The risk warning states that no real-world asset tokenization activities have been approved by Chinese financial authorities, and engaging in such activities may involve illegal fundraising and unauthorized issuance of securities [4][6]. - Financial institutions are prohibited from providing services related to virtual currencies and must conduct thorough due diligence to identify potential risks [6][7]. - Internet platforms are also warned against promoting or providing services for virtual currency activities, emphasizing the need for compliance in information dissemination [7][8]. Group 3: Public Awareness and Education - The public is urged to remain vigilant against various forms of virtual currency activities, as these are often associated with speculation and fraudulent schemes [7][8]. - There is a call for continuous public education to enhance risk awareness and promote rational investment practices, which is essential for maintaining financial security [8].

Core Viewpoint - The seven associations in China have issued a risk warning prohibiting their member units from participating in virtual currency and real-world asset token issuance and trading activities within the country, following a crackdown by 13 government departments on cryptocurrency speculation [1][2]. Group 1: Regulatory Actions - Member units are explicitly forbidden from engaging in any activities related to the issuance and trading of virtual currencies and real-world asset tokens within China [1][2]. - The associations emphasize that virtual currencies are not issued by monetary authorities and do not hold the same legal status as legal tender in China [2]. - Institutions and individuals conducting exchanges between legal currency and virtual currencies, or engaging in the issuance and financing of real-world asset tokens, are deemed to be involved in illegal financial activities [2][3]. Group 2: Risks Associated with Virtual Currencies - The risk warning highlights that virtual currencies are often used for speculative trading and illegal activities such as Ponzi schemes and fraud [4]. - Specific examples of risks include the volatility of virtual currency prices, with Bitcoin experiencing significant fluctuations, such as dropping below $85,000 and then rebounding above $90,000 within a few days [4]. - The warning also identifies "air coins" like π coin as lacking substantial technological innovation and clear commercial applications, making them susceptible to fraud and market manipulation [2]. Group 3: Compliance Requirements - Financial institutions, including banks and payment service providers, must not offer any services related to the issuance and trading of virtual currencies or real-world asset tokens [3]. - Member units are required to conduct thorough customer due diligence to identify any involvement in virtual currency transactions or money laundering risks [3]. - Internet platform companies must ensure compliance by not providing marketing or technical services for virtual currency-related activities [3].

而在北京，中国人民银行（下称"央行"）牵头13个部门刚开完会，再次强调虚拟货币相关业务属于非法 金融活动，特别点名稳定币，提示其在反洗钱、跨境资金转移中的突出风险。 同一枚比特币，不同法域却给出了三种完全不同的"法律身份"界定，这并非简单的"谁更开放、谁更保 守"，而是一场关于数字时代如何重写货币与财产权边界的深层博弈。 同一种加密资产，不同的秩序想象。12月4日，比特币在9.3万美元一线来回震荡。 这一天，如果你站在伦敦，会看到英国刚刚通过一部名为《财产（数字资产等）法案2025》的新法，正 式将加密资产纳入"受法律保护的财产"范畴。在BitcoinPolicyUK首席政策官弗雷迪·纽看来，该法案可 能是"自中世纪以来英国财产法最大的变革"。 如果你转向纽约，华尔街正忙着给Circle、比特币ETF和一揽子"合规加密资产"重新定价，把它们纳入 美元金融体系的延长线；包括长期抗拒加密资产的Vanguard（先锋集团）也开始允许客户交易加密 ETF。这被海外资管圈视为过去48小时内（12月2日至3日）全球金融市场的重磅头条新闻。 伦敦：给加密资产发"房产证" 当地时间2025年12月2日，《财产（数字资产等）法 ...