In the absence of any independent rating, Chinese govt. has taken it upon themselves to analyze and rate 28 cryptocurrencies in total including Bitcoin, Ethereum, Ripple, Litecoin, and Bitcoin Cash among others.
China govt. to publish crypto ratings for lack of independent analysis
After making the announcement to introduce national blockchain standards by the end of 2019, the Chinese government has taken another step forward into the world of the blockchain. The government has planned to publish a monthly analysis of cryptocurrencies.
Yesterday, in the technology assessment seminar in Beijing, the China Electronic Information Industry Development (CCID) department of the Chinese Ministry of Industry and Information Technology will be analyzing 28 cryptocurrencies and will publish a crypto rating index.
According to the official website of CCID, these 28 cryptocurrencies are Bitcoin, Ethereum, Ripple, Litecoin, Bitcoin Cash, Cardano, Verge, NEO, Monroe, Dash, Ethereum Classic, Quantum, Nano, Decred, Lisk, Komodo, NEM, Steem, Stellar, Stratis, Waves, Siacoin, Zcash, Hcash, IOTA, BitShares, ByteCoin, and ARK.
In a press release, after the conference, it has been stated that the ranking information of all of these cryptos will be published in the coming few days.
Reportedly, CCID has been actively involved in Blockchain as it established Blockchain Research Institute and China Blockchain Ecological Alliance.
China takes a special interest in underlying Blockchain technology
This “Global Public Chain Assessment Index” will evaluate the technological capability, innovativeness of the project and the usefulness of the application, which will be done by first-rate domestic experts and scholars. The driving factor behind this index was lack of an independent assessment or rating of crypto and blockchain projects.
The criteria for project identification would involve having its own independent main chain, open source code, its node can be freely created, project’s website page is available and members can be contacted, and must have a published block explorer to track the information.
This came as a surprising move as last year China banned cryptocurrency trading in the country. Cryptocurrency exchanges were forced to shut down their operations or look for another place. Moreover, Initial Coin Offerings were also banned. Reportedly, using cryptos as a payment method or simply holding it is still illegal in the country.
However, the government is very much interested in the underlying blockchain technology as focused by CCID in its press release:
“This independent analysis of cryptocurrencies and global public blockchain technology demonstrates the confidence of the Chinese Government in the technology, and will act as a guide for government, enterprise and research institute.”
Being the holder of the maximum number of blockchain patents worldwide, the Chinese government is taking a special interest in blockchain by looking into ways to utilize this technology.
What are your views on Chinese government crypto ratings and analysis? How do you think it will affect the Chinese crypto and blockchain market?
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I am an associate content producer for the news section of Coingape. I have previously worked as a freelancer for numerous sites and have covered a dynamic range of topics from sports, finance to economics and politics.