大家好，本期关于数字货币的精读课件由“小鱼儿”和“尹贝勒”两位新加入的小伙伴共同制作完成，其中多有不足之处，还望大家批评指正，慷慨赐教！
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标 题
The digital currencies that matter
数字货币很重要
Government-run virtual currencies are coming. They are a giant risk that is worth taking
政府发行的虚拟货币来了，风险巨大却值得一冒。
点评：
说来了，与真实情况多少有些不符，建议改为“马上要来了”，“值得一冒”改成“值得一试”，或者“值得承担”如何？
正 文
01
Technological change is upending finance. Bitcoin has gone from being an obsession of anarchists to a $1trn asset class that many fund managers insist belongs in any balanced portfolio. Swarms of digital day-traders have become a force on Wall Street. PayPal has 392m users, a sign that America is catching up with China’s digital-payments giants. Yet, as our special report explains, the least noticed disruption on the frontier be- tween technology and finance may end up as the most revolutionary: the creation of government digital currencies, which typically aim to let people deposit funds directly with a central bank, bypassing conventional lenders.
技术变革正在颠覆金融业。比特币已经由无政府主义者才迷恋的东西变成了价值1万亿美元的资产类型，许多基金经理则坚持认为任何平衡资产组合都应纳入比特币。成批数字货币日内交易员已成为华尔街的一支力量。PayPal平台拥有3.92亿用户，标志着美国正在追赶中国的数字支付巨头们。但是，正如本刊特别报道所解释的，技术和金融业的碰撞所产生的最不起眼的颠覆，最终或许最具革命性：即政府数字货币的创建，往往旨在让人们绕过传统的融资机构，将资金直接存入央行。
点评：
1，价值1万亿美元的资产类型容易产生歧义，这里的本意是指“总市值”。
2，许多基金经理则坚持认为，使人觉得这里有转折的意味，事实上，前后的逻辑关系是因果，建议改为“以致许多基金经理坚持将。。。”
3，day-traders我在之前的一篇精读里讲过，是那些“日间交易者”但更符合逻辑的应该是“短线交易者”，不要译为交易员，交易员是证券公司的雇员，而交易者是散户。
4，the least noticeddisruption on the frontier between technology and finance may end up as the most revolutionary中的technology and finance，其实就是finance and technology，也就是这些年非常火的“fin-tech”“金融科技”概念，这句可整合译为“金融科技前沿最不易为人察觉的变化，有望成为一场最深刻的革命。”
02
These “govcoins” are a new incarnation of money. They pro- mise to make finance work better but also to shift power from individuals to the state, alter geopolitics and change how capital is allocated. They are to be treated with optimism, and humility.
这些“政府币”是货币的新化身。它们承诺改善金融运作，但是也将权力从个人转移到了国家，改变了地缘政治，改变了资本分配的方式。对待它们的将是乐观和谦卑的态度。
点评：
1，They pro- mise to make finance work better此处的promise不是承诺，而是“有望”或者说“旨在”。
2，alter geopolitics and change how capital isallocated.承接前半句中的to，是指要、以改变，而不是改变了。
3，They are to be treated with optimism, andhumility.同理，说我们需要（应该）以积极乐观和谦逊的态度对付政府数字货币，不应译为“将是。。。态度）。
03
A decade or so ago, amid the wreckage of Lehman Brothers, Paul Volcker, a former head of the Federal Reserve, grumbled that banking’s last useful innovation was the atm. Since the cri- sis, the industry has raised its game. Banks have modernised their creaking it systems. Entrepreneurs have built an experimental world of “decentralised finance”, of which bitcoin is the most famous part and which contains a riot of tokens, databases and conduits that interact to varying degrees with traditional finance. Meanwhile, financial “platform” firms now have over 3bn customers who use e-wallets and payments apps. Alongside PayPal are other specialists such as Ant Group, Grab and Merca- do Pago, established firms such as Visa, and Sil- icon Valley wannabes such as Facebook.
大约十年前，在雷曼兄弟破产的废墟中，美联储前主席Paul Volker喃喃道，银行业最后一项有用的创新就是ATM自动取款机了。自金融危机以来，银行业已经大有改进。银行将陈旧的IT系统进行了现代化改造。企业家们建立了一个“去中心化金融”的实验世界，其中比特币最为有名，此外还包含了各种各样的代币、数据库和与传统金融在不同程度上交互的多种渠道。同时，金融“平台”公司现已有超过30亿顾客在使用电子钱包和支付应用。除了PayPal，有像蚂蚁集团、Grab和Merca-do Pago这样的专业公司，有像Visa这样的老牌公司，有像Facebook这样的硅谷想出名的公司。
点评：
1，Paul Volker保罗·沃尔克的名字应该译出，这人还是比较有名的。
2，“喃喃”这个词不具有批评的意味。这人是美联储主席，有很大的权力，如果是喃喃，给人一种无奈而听之任之的感觉。
3，同时，金融“平台”公司现已有超过30亿顾客在使用电子钱包和支付应用。这句建议调整一下结构，可考虑“同时，金融平台不断推出各类电子钱包和支付应用，用户数量已超过30亿”
4，有像Facebook这样的硅谷想出名的公司。这一句建议改为“还有像Facebook这样虎视眈眈，想要分一杯羹的硅谷巨头。”
04
Government or central-bank digital currencies are the next step but they come with a twist, because they would centralise power in the state rather than spread it through networks or give it to private monopolies. The idea behind them is simple. Instead of holding an account with a retail bank, you would do so direct with a central bank through an interface resembling apps such as Alipay or Venmo. Rather than writing cheques or paying online with a card, you could use the central bank’s cheap plumbing. And your money would be guaranteed by the full faith of the state, not a fallible bank. Want to buy a pizza or help a broke sibling? No need to deal with Citigroup’s call centre or pay Mastercard’s fees: the Bank of England and the Fed are at your service.
政府或央行数字货币是下一步，但他们夹势而来，因为他们会将权力集中在国家而非通过网络传播或交给私人垄断企业。其背后的理念很简单。与其在零售银行开户，你不如通过诸如支付宝或者Venmo等应用的界面直接在央行开户。无须使用支票或在线刷卡，你可以使用央行的廉价支付渠道。而且你的钱将由国家充分信用担保，而不是易破产的银行。想要买个披萨还是帮助一位破产了的兄弟姐妹？你无需再与花旗银行的呼叫中心打交道，也无需再支付Mastercard的费用：英格兰银行和美联储银行随时为您服务。
点评：
1，Government or central-bank digitalcurrencies are the next step but they come with a twist,此处的twist意思是说政府的数字货币是接下来的主战场，但这种数字货币，已经不是之前那种纯粹的去中心化的概念了。可处理成“政府或央行数字货币是金融科技的下一波，但换了新面孔”
2，而且你的钱将由国家充分信用担保，这句可调整一下，比如“而且你的存款有国家提供的强大信用背书”
3，也无需再支付Mastercard的费用，这里的费用建议改为“手续费”。
05
This metamorphosis of central banks from the aristocrats of finance to its labourers sounds far-fetched, but it is under way.
央行从金融贵族到劳动者的变形记听上去难以置信，但确确实实正在发生。
06
Over 50 monetary authorities, representing the bulk of global GDP, are exploring digital currencies. The Bahamas has issued digital money. China has rolled out its e-yuan pilot to over 500,000 people (see Finance section). The EU wants a virtual EU- ro by 2025, Britain has launched a task-force, and America, the world’s financial hegemon, is building a hypothetical e-dollar.
50多个货币当局正在探索数字货币，它们代表了全球大部分的GDP。巴哈马已经发行了数字货币。中国已经向50多万人推出了数字人民币试点（参见金融版块）。欧盟想要在2025年前实现虚拟欧元，英国已经启动了一支工作力量，而世界金融霸主美国，正在建立一种假想的电子美元。
点评：
1，英国已经启动了一支工作力量，建议改为“英国已启动了一支特别工作小组”。task-force,是军事术语，指特遣部队。
2，而世界金融霸主美国，正在建立一种假想的电子美元。这一句也建议改一下，比如“而世界金融霸主美国，其假想中的电子美元也正在筹备之中”。
07
One motivation for governments and central banks is a fear of losing control. Today central banks harness the banking system to amplify monetary policy. If payments, deposits and loans migrate from banks into privately run digital realms, central banks will struggle to manage the economic cycle and inject funds into the system during a crisis. Unsupervised private networks could become a Wild West of fraud and privacy abuses.
政府和央行发行数字货币的一个动机是害怕失去控制权。如今，央行依靠银行体系来放大货币政策效力 。如果支付和存贷款都从银行转移到私人运营的数字领域，央行将难以调节经济周期 ，并很难在危机时期向经济系统 中注入资金。不受监管的私人网络可能会成为欺诈行为和隐私滥用的“狂野西部”。
点评：
1，injectfunds into the system此处的system指前一句中的banking system，可译为银行系统，但同样也可译为“金融系统”，经济系统则涉及的面更广。
08
The other motivation is the promise of a better financial system. Ideally money provides a reliable store of value, a stable unit of account and an effcient means of payment. Today’s money gets mixed marks. Uninsured depositors can suffer if banks fail, bitcoin is not widely accepted and credit cards are expensive. Government e-currencies would score highly, since they are state-guaranteed and use a cheap, central payments hub.
另一个动机，则是践行其构建一个更好的金融体系的承诺 。理想情况下，货币可作为可靠的价值储藏、稳定的记账单位和有效的支付手段。如今的货币拥有多重标签。银行倒闭时，存款未上保险的储户可能会遭受损失，比特币未被广泛接受，而信用卡又价格昂贵。相比之下，政府电子货币由国家提供信用担保，并且使用价格亲民的中央支付中心，所以将会获得青睐 。
点评：
1，银行倒闭时，存款未上保险的储户可能会遭受损失，比特币未被广泛接受，而信用卡又价格昂贵。这一句中的银行倒闭只是一种假设条件，不一定真会倒闭，建议还是处理为“假如银行倒闭”。“而信用卡又价格昂贵”建议处理为“费用较高”。
09
As a result, govcoins could cut the operating expenses of the global financial industry, which amount to over $350 a year for every person on Earth. That could make finance accessible for the 1.7bn people who lack bank accounts. Government digital currencies could also expand governments’ toolkits by letting them make instant payments to citizens and cut interest rates below zero. For ordinary users, the appeal of a free, safe, instant, universal means of payment is obvious.
由此 ，政府币可以削 减全球金融行业的运营开支，相当于地球上每个人每年350多美元 。这将使 17亿没有银行账户的人获得资金 。政府 数字货币也能够通过允许政府向公民进行即时支付和国家实行负利率来扩展政府的政策工具箱 。对于普通用户来说，一个免费、安全、即时、通用的支付手段，其吸引力是显而易见的。
点评：
1，govcoins could cut the operating expenses of the global financialindustry, which amount to over $350 a year for every person on Earth此句中的which,指的是现有的全球金融业运营成本，高达350亿美元每人，而不是政府币可削减的金额。可尝试改为“由此，政府币可以降低人均高达350美元的全球金融业运营成本”。按现译文，容易使人产生歧义，以为是可削减这么多钱。
2，That could make finance accessible for the 1.7bn people who lackbank accounts.这一句可调整为“这将为17亿没有银行帐户的人提供资金渠道”。
3，Government digital currencies could also expand governments’toolkits by letting them make instant payments to citizens and cut interestrates below zero. 这里的them确实指的是governments，整句可调整为“通过向民众进行即时支付，实施负利率政策，政府数字币可帮助政府扩充政策工具箱。
10
It is this appeal, though, that creates dangers. Unconstrained, govcoins could fast become a dominant force in finance, particularly if network effects made it hard for people to opt out. They could destabilise banks, because if most people and firms stashed their cash at the central banks, lenders would have to find other sources of funding with which to back their loans.
然而，正是这种吸引力招致了 危险。如果不受约束，加之网络效应的存在使人们难以选择退出，政府币可能会很快成为金融领域的主导力量。它们可能会动摇银行的稳定性，因为如果大多数居民和企业都将他们的现金存放在央行，银行 就不得不寻找其他资金来源来偿还已有贷款。
点评：
1，Unconstrained, govcoins could fast become a dominant force infinance, particularly if network effects made it hard for people to opt out.这一句中的particularly，是对前一种情况的补充说明，不能反客为主。建议修改为“不受约束的政府币可能很快就会成为金融业的主导力量，特别是当民众在网络效应裹携之下无法退出之时，尤其如此。
2，lenders would have to find other sources of funding with which toback their loans.此句中的back theirloans不是偿还贷款，而是维持借贷业务的意思。
11
If retail banks were sucked dry of funding, someone else would have to do the lending that fuels business creation. This raises the queasy prospect of bureaucrats influencing credit allocation. In a crisis, a digital stampede of savers to the central bank could cause bank runs.
如果零售银行缺少资金，那么就必须有其他人来发放贷款，以支持商业创造。这就使那些影响信贷配额的官僚主义者令人恶心地越发前景光明起来。在危机发生时，储户争相将资金划转至央行 的行为可能会导致银行挤兑。
点评：
1，This raises the queasy prospect ofbureaucrats influencing credit allocation.这句中的bureaucrats可直接译为官员。整句可处理为“由此，官员施加影响力，干涉信贷配额的丑陋行为可能会大大增加”。
12
Once ascendant, govcoins could become panopticons for the state to control citizens: think of instant e-fines for bad behaviour. They could alter geopolitics, too, by providing a conduit for cross-border payments and alternatives to the dollar, the world’s reserve currency and a linchpin of American influence. The greenback’s reign is based partly on America’s open capital markets and property rights, which China cannot rival. But it also relies on old payments systems, invoicing conventions and inertia—making it ripe for disruption. Small countries fear that, instead of using local money, people might switch to foreign e-currencies, causing chaos at home.
一旦占据优势 ，政府币可能成为国家控制公民的工具：想想对不良行为的即时电子罚款。政府币也可以凭借提供跨境支付渠道和美元替代货币的方式来改变地缘政治。美元是世界储备货币，是美国影响力的关键因素。绿钞的统治地位部分上基于美国开放的资本市场和产权，这是中国目前难以匹敌的 。但是它也依赖于旧的支付系统，开发票的传统和惯性，这为颠覆变革的到来做好了准备 。小国则害怕人们不使用本国货币，转而使用外国电子货币，从而造成国内货币体系混乱 。
点评：
1，think of instant e-fines for bad behaviour.这一句是想象出来的。可调整为“想象一下，稍有不良行为，你就会收到一张电子罚单的情境吧。”
2，绿钞的统治地位部分上基于美国开放的资本市场和产权，这一句有点缠，建议分成两半句处理，比如“绿钞的统治地位，部分要归因于美国开放的资本市场和产权。”
3，这为颠覆变革的到来做好了准备，这句建议调整为“而这些老旧的东西，到了必须变革的时候了。”
13
New money, new problems
新货币，新问题
Such a vast spectrum of opportunities and dangers is daunting. It is revealing that China’s autocrats, who value control above all else, are limiting the size of the e-yuan and clamping down on private platforms such as Ant. Open societies should also proceed cautiously by, say, capping digital-currency accounts.
如此多 的“危机”并存 ，实在令人生畏。据透露，视控制权高于一切的XX 国独裁者 正在限制电子货币的规模，并打压 如蚂蚁等私人平台。开放社 会 也应该谨慎行事，比如对数字货币账户设置上限。
点评：
1，如此多的“危机”并存，此处建议处理成“危”与“机”，将两字分开处理。现代汉语里，“危机”作为一个词，同时负载这两个意思的功能已很弱了。
2，It is revealing that China’s 这里的revealing不是“据透露”的意思，而是“很明显”“不加遮掩”的意思。
3，capping digital-currency accounts.这里的accounts指帐户数量上限，要讲清楚。
14
Governments and financial firms need to prepare for a longterm shift in how money works, as momentous as the leap to metallic coins or payment cards. That means beefing up privacy laws, reforming how central banks are run and preparing retail banks for a more peripheral role. State digital currencies are the next great experiment in finance, and they promise to be a lot more consequential than the humble atm. !
各国政府和金融公司需要做好准备应对货币运作方式的长期转变，这一转变同以往向金属货币和支付卡的转变一样重要。它意味着要加强隐私法，改进央行运作方式，让零售银行准备好扮演更外围的角色 。国家数字货币是金融领域的下一个伟大创新，它们的影响将远远超过不起眼的 ATM自动提款机。
点评：
1，Governments and financial firms need to prepare for a longterm shiftin how money works, as momentous as the leap to metallic coins or paymentcards.这一句中的“向金属货币和支付卡的转变”其实指的是“从古代货币模式向金属货币转变，及从实体货币向支付卡转变所取得的巨大进步”，但如不增译，问题也不大吧。
2，for a more peripheral role，指更“边缘化”的角色。这不关个人感情，是时代的事实趋势。
andthey promise to be a lot more consequential than the humble ATM.这一句呼应前面那位前美联储的抱怨。译为“不起眼的”完全可行。
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