GLB was released on NASDAQ on September 26th
The world’s first “block chain gradual negotiable virtual bond” GLB has made its first publicappearance in NASDAQ today and arouses heated discussion all over the world.
全球首支“区块链渐进式可流转虚拟债GLB格鲁伯”今日在纳斯达克公开亮相，并第一时间引发全球热议。
From 2015 to 2017, there’re and will be more and more “debt defaults” happen globally. All of the main economic entities had been distracted by them, even with some national debts, local treasury bonds and corporate debts, specifically in the developing countries. If one unitary economic entity can’t deal with this issue timely, it may lead to systematic financial risk.
2015-2017年，是全球各类“债务违约”集中爆发的时期，各主要经济体都受到债务违约的困扰，这其中包括各类国债、地方政府债、企业债等等。在发展中国家这一现象尤为明显，且单一经济体在面对此这一危机时如果处理不及时，都可能会引发系统性的金融风险。
As a result, to find an open, transparent and convenient way of debt transferring has become an important issue for all the central banks.
因此，在当前环境下，探索一种公开、透明、便捷的债务流转机制，已经上升成为各国央行的重要议事日程。
A possible solution to this problem of the time has been offered by the block chain technology. Issuing a transparent“negotiable virtual bond” (a virtual currency with relatively stable price) based on block chain to avoid the systematic financial risks caused by the debt default via bond’s global public transferring has become one of the greatest financial innovations of the post “block chain bond” era. That’s exactly what GLB is.
区块链技术的诞生和应用，为解决这个时代性难题提供了一条探索路线，通过区块链技术来发行一支透明的“虚拟可流转债(价格相对稳定的虚拟币)”，通过全球公开流转来化解债务的违约风险，并避免由此产生的系统性金融风险，已经成为后“区块链证券”时代最伟大的金融创新，这就是“全球首支区块链渐进式虚拟债——GLB格鲁伯”。
Not matter in the developing or developed countries, all of the institutions can use this virtual currency or way to get the financing and pay the investors reasonable profits with the basic rule of “lend currency, return currency”. As for the investors, they can lend the currency to the reliable institutions to get the profits by its transferring.
无论是发达国家还是发展中国家，所有的机构都可以使用这支虚拟货币或者这种方案来融资，本着“借币还币”的基本原则，给投资人支付合理收益。而投资人则采用“以流动性换收益”的基本原则，将币借给可信赖的机构，从而换取合理收益。
From the prospective of legal supervision:
在法律监管层面来看：
Firstly, GLB isn’t a bond but rather a kind of virtual currency which with no legal impediment to issue it. The investors can buy and sell the GLB in many virtual assets exchanges all over the world. The process of buying and holding won’t lead to any bond yield or debt relations, so GLB isn’t a valuable bond which enjoys a full protection by the law and regulations;
第一，GLB格鲁伯不是债券(而是虚拟货币)，发行上没有法律障碍，投资人可以在全球诸多虚拟资产交易机构买卖GLB，买入和持有的过程中不产生任何的债权收益，不涉及任何债权债务关系，因此GLB不属于有价证券(债权)，在合法合规性层面有充分的制度保障;
Secondly, the investors can buy the GLB via a public trading market and there’s no direct profit after buying it. But they can invest the GLB to the institutions that need it and get reasonable profit. There’s no law to regulate this kind of investment even in the global market currently, so there’s no policy risk;
第二，买入方在公开流通市场买入，买入后不产生任何直接的收益。但可以将GLB格鲁伯投资给有需要的机构，通过牺牲流动性来换取合理收益，这种投资方式在全球金融市场尚无明确的法规界定，无政策性风险;
Thirdly, GLB is issued by GP. But even the issuing party can’t control the orientation or price, its transferring via block chains is totally transparent.
第三，GLB格鲁伯的发行方是GP，但发行方不能控制流向和价格，而且通过区块链流转的方式是完全透明的。
Those institutions which use GLB to get the financing can set a buying price as their own indicator of financial settlement and offer the investors profits by the way of “lend currency, return currency”. So, GLB isn’t completely decentralized but “half decentralized”;
使用GLB融资的机构可以认定一个买入价格，并以此价格作为自身融资的财务清算指标，并使用“借币还币”的方式支付投资人合理回报。所以GLB不是完全的去中心化，而是“半中心化”;
Fourthly, there’s no difficulty on trading the virtual currencies based on block chain as they have been widely recognized all around the world. There will be standard financial settlement indicator for GLB once any institute uses it and its price will be very stable and also it can be generally accepted by the institutions globally which will benefit the transferring;
第四，用区块链技术发行的虚拟货币已经在全球范围内获得普遍认同，交易和流通不存在难度。有使用主体后，GLB就有了标准的财务清算指标，价格就会变得非常稳定，便于全球商家普遍接受，有利于分散流转;
Fifthly, the border-free market can not only share the counter purchase stresses for the unitary institute or economic entity but also make it easier to get a balance between the buyers and sellers which both can be helpful to deal with the risks of debt centralization. In one word, only the bonds can be transferred are the safe bonds. Therefore, the problem GLB will face isn’t if it can be sold out but if the investors are able to get it.
第五，无国界的买方市场，有效分担单一机构或单一经济体的回购压力，买卖双方也容易达成供需平衡，全面解决债务集中的风险，一言以蔽之：能够流转的债权才是安全的债权。因此，GLB格鲁伯面临的问题不是能否卖出的问题，而是能否买得到的问题。
The birth of GLB is definitely one of the greatest financial innovations of this day and age. The perfect financial closed loop can be realized as all the institutions can use GLB to get financing or deal with the financing problems as well as transferring globally with the helps of the trading exchanges.
GLB格鲁伯的诞生毫无悬念的成为这个时代最伟大的金融创新，所有机构都可以借用GLB格鲁伯来融资，或者采用此类方式解决融资问题，并借助交易机构使其在全球范围流转起来，从而形成完美的金融闭环。
