- 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
China’s Center for Information Industry Development (CCID) has released its third ranking of the top cryptocurrencies in the world at the moment. The CCID, which operates under the Chinese government’s Ministry of Industry and Information Technology, is obviously politicized but it is still fascinating to observe how China views the current crypto landscape and how it attempts to temper with it.
There is no change among the top-2 cryptocurrencies compared to the previous ranking – EOS is still first and Ethereum keeps its second place – but Nebulas climbs to the third place after it had been sixth previously. In the fourth place, we have a new crypto project that makes its debut, GXChain. Interestingly, the China-based GXChain does not attract too much attention elsewhere, and is only ranked 57th on CoinMarketCap; this is a strong signal that the Chinese have a special interest (political or otherwise) in promoting this project, playing favorites.
Bitcoin’s position in the ranking is another indicator for bias. Whilst Bitcoin is by far the most popular cryptocurrency both by volume and market capitalization, it’s only ranked 16th – sure, it’s a move up of one place compared to the previous index, but it’s still just 16th which is a little ridiculous.
Here’s the full CCID crypto ranking (currently 31 crypto projects have been analyzed and ranked):
There are three factors that determine the ranking – technology, applicability and creativity – but it isn’t clear how each factor is precisely evaluated and calculated. According to the CCID, “The purpose [of the index] is to scientifically assess the development level of global public Blockchain technologies and accurately measure the trending.” Yeah, right.