Bitcoin back in China´s Top 10
China’s Center for Information and Industry Development published a new list of its crypto ranking index, pushing Bitcoin 2 spots higher than its last report. This marks a change in China´s political stance which has always been critical towards Bitcoin. The official Chinese state-run Xinhua News Agency has published a report recognizing Bitcoin (BTC) as “the first successful application of blockchain technology.”
The rating and coverage is exceptional given China’s abiding hardline stance against decentralized cryptocurrencies, as epitomized by Beijing’s historic September 2017 blanket ban on crypto exchanges and initial coin offerings.
Xinhua emphasizes the volatility of Bitcoin as a currency that is not backed by a centralized sovereign power — as distinct from national fiat currencies.
Positive comments of president Xi Jinping
The report comes along with positive comments of China´s President Xi Jinping, who said that China will take the lead in blockchain technology, and research will be funded to establish blockchain solutions.
The CCID Chinese Crypto Index has brought a number of changes from the last ranking of cryptocurrency and blockchain projects, although the top one still remains EOS. The smart contract platform EOS has been the top-ranking project in the previously published indexes, indicating that China is still highly interested in this particular project despite recent governance concerns.
TRON lost to Ethereum
While its ‘Creativity’ and ‘Basic-Tech’ sub-indexes remained largely the same, its ‘Applicability’ and ‘Total Index’ dropped by around 3 points. Meanwhile, Ethereum’s Total Index increased by around three points, which led to that two projects swapping places.
The situation regarding the top 3 projects is once again the same as it was in the 13th index, although with somewhat different Total Index scores.
NEO up from 9th to 6th, LISK from 7th to 5th
Qtum dropped significantly
Qtum, on the other hand, dropped from 8th to 14th place, while Bitcoin itself currently ranks slightly better, sitting at 9th position after previously being kicked out from the top 10 list, and ranked as 11th best project. Meanwhile, the last on the list is IOTA, holding the rank of 35. IOTA dropped from the 33rd position from the last ranking, replacing Decred which is still close to the bottom, sitting at 34th spot.
No new coins were added or removed from the index since the previous ranking.
China’s Center for Information and Industry Development (CCID) is a research institution which operates under the Ministry of Industry and Information Technology. One of its functions is to provide businesses, as well as the government, with various professional services, such as research, certification, and alike.
The institution also started providing Global Blockchain Technology Assessment Index reports back in May 2018. The first ranking was published on May 17th, and the country released 14 additional Indexes, including the one published earlier today.
The index ranks cryptocurrency projects based on several sub-indexes, including innovation, applicability, and underlying technology performance.
The original index ranked only 28 cryptocurrency projects, although several additional ones were added along the way. The 15th ranking includes 35 projects in total,
These reports are important, as they indicate which aspects China values when it comes to crypto/blockchain projects. Bitcoinist reported that the country is currently preparing to launch its national cryptocurrency. A recent report also claims that the country will perform test launching in two of its cities, likely before the end of the year.
Source: Cointelegraph, Xinhua, Bitcoinist, CCID