People’s Republic of China (PRC) belongs to the first governments to regulate Bitcoin and other cryptocurrencies. China is the first country to come out with an official government crypto ranking so far. Three filters were used by China Center for Information Industry Development (CCID) on how coins would be classified, namely used innovation, technology, application. Remarkably, Bitcoin (BTC) did not even make the top ten, while Bitcoin Cash (BCH) almost did not make the list at all.
Ethereum Best in Crypto Class on China Lists
In what is either widely being referred to as a case of communist, the CCID released its first set of cryptocurrency rankings. China, of course, quickly regulated crypto in all its various forms, and the broader cryptomarket was thought to have crashed for a time as an immediate result.
The first to expose these rankings to the world is the CN Ledger, a popular Twitter handle. Eric Zhao, its author, explained how “most old-school experts haven’t followed the crypto space long enough to grasp some of the traits of tech and community that can’t be found elsewhere.”
“I believe at least it’s a sign that the officials are starting to treat crypto projects more like a neutral endeavour towards better technology and innovations, rather than just challenging the power and authority of banks and government,” Zhao stressed.
Bitcoin Gets Listed 13th Out of 28
Just a week ago, enthusiasts were amazed by the press release of PRC ministry announcing its Global Public Chain Assessment Index. “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,” according to the proclamation in the government notice.
The Top Coins
Of the top four coins in terms of market capitalization, CCID ranked Ethereum as number one, followed by Bitcoin (BTC) at number 13, Ripple in the 17th spot, and Bitcoin Cash (BCH) remaining well behind them all at the lowly number 25 out of 28. However, for the CCID, the top five cryptos according to their standards are Ethereum, Steem, Lisk, NEO, and Komodo.
Of the top 5 coins ranked by CCID, Ethereum and NEO are the more promising projects in the greater crypto communities.
Author: Author : Mil
Mil is based out of Philippines and has been writing for cryptonewsbytes.com since 2017. He enjoys doing market analysis on crypto and follows the trends very closely. He is a marketing genius and gets tremendous amount of energy to the team. He enjoys reading books in his spare time and big time into basketball.
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