- Despite its ban on cryptocurrency, the Chinese government will publish independent analysis on cryptocurrencies.
- The creation of this analysis was motivated by a “lack of completely independent assessment/rating” for cryptocurrencies and blockchain projects.
China: At a conference in Beijing yesterday 11th May, China announced it will begin publishing a monthly independent analysis of digital currencies and blockchain projects. Two press releases which accompanied the announcement stated that China’s Ministry of Industry and Information Technology’s department China Electronic Information Industry Development (CCID) will publish analysis on 28 digital currencies, which include BTC, Ether, LTC, Ripple, Monero, QTUM, NEO, and Zcash, etc. The press release added that CCID will publish the ranking information for the 28 digital currencies within the next few days.
The project tagged the ‘Global Public Chain Assessment Index’ will receive contributions from “first-rate domestic experts and scholars.” According to the CCID, the purpose of the independent analysis is to:
“evaluate the technological capability, the usefulness of the application and the innovativeness of the project, [as well as the] development level of the projects to profoundly understand the trend of blockchain technology innovation.”
According to CCID, what motivated the creation of the index is a “lack of completely independent assessment/rating” for cryptocurrencies and blockchain projects. However, this independent analysis seems not to consider efforts by Weiss, an international rating agency which had earlier this year published rather controversial findings on major digital assets like BTC, Ether, and XRP.
This assessment represents a debatably shocking move by the Chinese government to generate publicity for cryptocurrencies, considering that crypto trading is still under a ban in China. However, considering the government’s stance, CCID focuses on the blockchain technology:
“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.”
Cryptona.co earlier reported that the Chinese government is making plans to issue a nationwide blockchain standard toward the end of 2019. More so, the Chinese multinational communications technology company, Huawei Technologies Co., last Thursday, announced the release of BTC.com’s Bitcoin wallet, which smartphone users can download o their devices from App Store.
Presently, using cryptocurrency as a payment form or holding it is reportedly illegal in China.