- Telecommunications Giant Vodafone Leaves the Libra Association
- Group of Central Banks Assesses Developing Central Bank Digital Currencies
- South Korea Might Impose 20 Percent Tax on Cryptocurrency Profits
- Report: Terrorists Increasingly Use Crypto to Raise Funds Anonymously
- Canadian Securities Administrators Subject Crypto Exchanges to Securities Laws
The relationship between the Chinese government and crypto is complicated. While China does not allow trading cryptocurrencies, it does not stop it from ranking the different digital coins. And this crypto-ranking is incredibly intriguing in itself…
The monthly ranking is conducted by China’s Center for Information Industry Development (CCID), which answers directly to the state’s Ministry of Industry and Information Technology, so it is important to note that it is not clean of politicization. The ranking – labeled “Global Public Chain Technology Assessment Index” – offers an interesting and a surprising view of the different cryptocurrencies (in Chinese).
According to the Chinese government, the number one cryptocurrency is… EOS, which was released just recently, and had quite a rocky start. Ethereum, the second-largest cryptocurrency by market capitalization in the world right now, is ranked second; Ripple, the third-largest cryptocurrency, is only ranked ninth. But the biggest surprise is the strongest and most popular cryptocurrency by a big margin, Bitcoin, which is ranked only seventeenth (yes, 17th!).
Here’s the ranking:
Although the methodology behind the ranking is not fully clear, we do know that there are three determining factors: “Technology,” “Applicability,” and “Creativity.” Bitcoin, for instance, has a high Creativity score (second only to EOS) but falls short in Technology and Applicability. Again, it is vital to mark that this is a political state-backed index, so it also might be a sophisticated attempt to instill instability and doubt within the crypto market and the most popular cryptocurrencies. It is also especially astounding that EOS jumped into the first place, considering the various problems it has been facing and that it has lost over 60% of its value since late April.
This is the second monthly revision of the ranking; the first was released last month (in Chinese) without the evaluation of EOS and Nebulas (now sixth in the new ranking), leaving Ethereum as number one and Bitcoin thirteenth.