J.P.摩根-解密加密货币展望：技术，应用和挑战

Global Research 09 February 2018J.P. Morgan PerspectivesDecrypting Cryptocurrencies: Technology, Applications and ChallengesGlobal ResearchSee page69 for analyst certification and important disclosures. J.P. Morgan does and seeks to do business with companies covered in its research reports. As a result, investors should be aware that the firm may have a conflict of interest that could affect the objectivity of this report. Investors should consider this report as only a single factor in making their investment decision.www.jpmorganmarkets.comLong-term Strategy Jan Loeys AC jan.loeysjpmorgan.com (1-212) 834-5874 J.P. Morgan Securities LLCGlobal Head of Research Joyce Chang (1-212) 834-4203 joyce.changjpmorgan.com J.P. Morgan Securities LLCJ.P. Morgan Perspectives Decrypting Cryptocurrencies: Technology, Applications and ChallengesCompleted 09 Feb 2018 03:36 PM EST Disseminated 09 Feb 2018 03:37 PM ESTThis document is being provided for the exclusive use of TATEO JAGER.KOY*TKQO*KOY8TKQOJWONYXSM8MYW*;75% reduction in dispute resolution time and number of disputes. Tien-tsin Huang, CFAACtien-tsin.huangjpmorgan.comJ.P. Morgan Securities LLCConnor AllenACconnor.allenjpmorgan.comJ.P. Morgan Securities LLCThis document is being provided for the exclusive use of TATEO JAGER.KOY*TKQO*KOY8TKQOJWONYXSM8MYW*;<9:<9<:;B55Global Equity Research J.P. Morgan Perspectives 09 February 2018Katherine Lei (852) 2800-8552 katherine.leijpmorgan.comGeorge Cai (852) 2800-8557 george.caijpmorgan.comGrace Guan (852) 2800-8511 Grace.X.Guanjpmorgan.comAlex Yao (852) 2800-8535 alex.yaojpmorgan.comCryptos in ChinaChinas central bank has made it clear that CC are only a virtual commodity instead of legal tenderAll financial services related to CC are banned in ChinaNeither of Chinas large two online payment platforms (i.e. Ant Financial and Tencent) have deployed Blockchain technology in their core payment solutionChina has a clear stance on CC: a virtual commodity, not moneyPBOC has made it clear that it views cryptocurrencies (CC) as only a virtual commodity rather than legal tender. This was highlighted in an announcement (Notice on Risk Prevention related to Bitcoin) by PBOC (Chinas Central Bank) back in December 2013. The Notice was mainly regarding regulation on Bitcoin, but in our view, what PBOC actually referred to was not only limited to Bitcoin, but referred to all CC. Two key points from the Notice:The nature of CC: Bitcoin is not a currency, and thus not a legal tender. Instead, it is a form of virtual commodity transacted on an internet platform.Financial services related to CC are banned: all financial institutions (banks, trust, insurance companies, asset managers, etc.) and payment providers, are forbidden to provide services for or products denominated in Bitcoin. This ban includes but is not limited to financial services such as market making, guarantee, insurance, client registration, transaction, settlement and custodian services, etc. And financial institutions are not allowed to accept Bitcoin as a means of payment and settlement. Any issuance of financial products, such as trust or funds with Bitcoin as underlying investments, is strictly prohibited.With such clear stance, we believe financial institutions' involvement in CCs will be very limited. Nonetheless, the development of CCs has been rapid raising the risk that regulators could easily find themselves behind the curve. For example, instead of directly providing financial services, or issuing products denominated in CC, money finds its way, indirectly, to fund investors of ICO.Intensifying regulatory tightening on CC since 2017CC has gained momentum in China in recent years; a Bloomberg report in December 2017 claimed that 58% of the world's large CC mining pools were located in China, followed by the US at 16%. And Xinhua news reported that from Jan to July 2017, ICO completed in China raised the equivalent of RMB2.6bn, though the amount is still small (vs RMB141bn raised from IPOs in the equities market in China over the same period of time), but the rapid growth (Figure 28 and Figure 29) has certainly alerted regulators, and entailed a round of regulatory tightening.Please see Table 10 below for details on regulatory actions taken by the Chinese government on CC. Measures mainly involved rising inspection on CC exchange or trading platforms in and banning of ICOs.Intensifying onsite inspection of major CC trading platforms in January to February 2017, resulting in closure of several of such platforms (according to the platforms' websites). The inspections focused on spotting any business operations that are out-of- scope, identifying any unlicensed business practices (including financing, payment and exchange), any market manipulation, and any financial security risks. Any major deviating and non-compliant activities would lead to forced platform shut