China bans trading in cryptocurrencies, but is now ranking them

Lester Mason
May 18, 2018

The ratings, which rank an initial tranche of 28 assets by three criteria - technology, application and innovation - come courtesy of what Beijing referred to as "domestic experts" earlier this month.

China's Ministry of Industry and Information Technology released its ranking of 28 of the world's leading cryptocurrencies and the blockchains that power them today, including bitcoin, Ethereum, and Steem.

The Chinese Ministry of Industry and Information Technology released its inaugural cryptocurrency ratings this Thursday, May 17.

As shown by the chart below, 28 different cryptocurrencies were included in the crypto rankings.

With a fast block addition time and low transaction fees, sits beautifully with a 129.4 total indexing, a figure that 41.3 less than the Bitcoin total index score. Ethereum (ETH) is world's second largest cryptocurrency whose market value is now $711 with the market cap of $70 billion. The bitcoin community was understandably outraged by the ranking of bitcoin at 13, considering that bitcoin has the longest track record as the most secure and dominant cryptocurrency in the global market.

Apart from Ethereum, the top 5 spots also covered Steem, Lisk, Neo, and Komodo in this order. While it evaluated and ranked each based on technology, application, and innovation, it didn't publish the method by which it determined those rankings or the highest possible score. Other cryptocurrencies that scored better than Bitcoin are Stellar, Cardano, IOTA, Monero, Stratis, Qtum, and BitShares.

The creation of the index conforms to the Chinese government's active interest in the cryptocurrency sector, which is valued at some $380 billion worldwide. Being the holder of the maximum number of blockchain-related patents, China might have banned cryptocurrencies but is very much serious and focused on the application and growth of underlying technology, blockchain. The author or the publication does not hold any responsibility for your personal financial loss.

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