Chinese Government Agency?s Cryptocurrency Ratings Place Bitcoin In 13th Position

Bitcoin In 13th Position

China Center for Information Industry Development (CCID), a research unit of the Chinese industrial ministry, has formally unveiled the monthly ratings index of 28 digital currencies and the blockchains they are built on. According to the China Center for Information Industry Development three criteria were used and these included innovation, application and technology. However the Chinese government agency did not reveal the methodology that was applied.

In CCID?s first issue the highest ranked digital currency was Ethereum (ETH). Interestingly bitcoin (BTC) which is currently the biggest virtual currency in the world in terms of market capitalization came in at position 13. Coming behind Ethereum in the second position was Steem (STEEM) while Lisk (LSK) came in third. Neo (NEO) took the fourth position, Komodo (KMD) the fifth position and Stellar (XLM) the sixth position. Tying in the seventh position were Cardano (ADA) and IOTA (IOTA). Monero (XMR) was in the ninth position while Stratis (STRAT) came in tenth. Ripple (XRP) which is the third biggest virtual currency by market capitalization after bitcoin and Ethereum was in the 17th position.

The initiative to issue monthly cryptocurrency ratings was announced last week by the CCID with the government agency arguing that the virtual currency and blockchain sector lacked independent analyses that could be used by research institutes, enterprises and governments across the world.

While the Chinese government has taken a tough stance on cryptocurrencies stating that it could lead to financial instability, it has however embraced blockchain technology. Last year in September Initial Coin Offerings as well as trading of digital currencies was banned in the country.

The release of the CCID digital currency ratings comes a little over a week since Weiss Cryptocurrency Ratings glowingly reviewed EOS, NEO and Cardano. Besides their market performance Weiss took into account the innovative impact of the three digital currencies as well as adoption metrics.

At the same time Weiss issued warnings with regards to the forked virtual currencies such as ZcCash forks which include Bitcoin Private and ZClassic. Also mentioned in the list of forks which are deemed to be flawed copycats included Bitcoin Prime which was forked from Prime Coin.

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