The news is just in; according to official figures, Ethereum is China’s no.1 ranked cryptocurrency. Even more shocking is the news that Bitcoin doesn’t even make the top-ten!
It’s an understatement to say that China’s relationship with cryptocurrency is somewhat conflicted. One can own cryptos like Bitcoin and Ethereum in China, but as of yet, trading cryptocurrency is illegal, and exchange websites are banned.
Nevertheless, that hasn’t stopped China’s Ministry of Industry and Information Technology coming up with a highly detailed ranking of the top-15 cryptos in China according to their technological capability, the usefulness of the application, the innovativeness of the project, and their popularity.
Top-15 Cryptocurrencies In China
China’s Ministry of Industry and Information Technology explained the methodology behind their rankings:
“The evaluation of the global public-private chain technology mainly focuses on the basic technical level, application level and innovation ability of the public chain. In terms of sub-indexes, the Styme chain that utilizes the blockchain graphene architecture has the highest score in the basic technical indicators. The NEO whose goal is to use smart contracts to automate the management of digital assets is ranked first in application assessment. The first place in the innovation power index is Bitcoin, which pioneered the application of blockchain technology.”
Why Did China Produce Such Rankings?
China believe that their ratings index will be used as a guide and reference for internal organizations and institutions that are studying the blockchain on behalf of the country. While the rankings and the research that took place investigating various elements of Ethereum and Bitcoin clearly points to a recognition of digital currency by the Chinese government, one shouldn’t expect a thaw in their largely anti-crypto stance anytime soon.
As there has been no official statement contradicting the present Chinese cryptocurrency regulations, any kind of reform regarding trading laws remains little more than wishful thinking for Chinese crypto fans.
Weiss in the US, a financial rating agency, has released a rating on the cryptos before, but the ratings were more focused with information appealing to the trading crowd. At present, the rating index by the Chinese government seems to be the one-of-its-kind and should see more authoritative boards to get involved in the cryptocurrency world.