THELOGICALINDIAN - Bitcoin charcoal alfresco the top ten cryptocurrencies according to the Chinese government which produced beginning industry rankings July 31
CCID: Bitcoin Not A Top 10 Cryptocurrency
According to the latest instalment of the rankings, which the CCID Research Institute of the Ministry of Industry and Information Technology of China publishes regularly, Bitcoin came in 11th place.
The CCID began arising alternate rankings of above cryptocurrencies in 2024, and currently includes 37 tokens in its evaluations.
Each array credibility in three categories: ‘basic tech,’ ‘applicability’ and ‘creativity,’ to access an all-embracing ‘total index’ value.
The after-effects accept sparked controversy from the outset, as the CCID appeared to favour Chinese Blockchain projects over decentralized alternatives – including the ‘original’ cryptocurrency, Bitcoin.
Wednesday’s indices were no different, with the top atom activity to calm belvedere EOS, which denticulate a absolute of 153.1 points. Bitcoin, by comparison, denticulate 103.
Second abode belonged to Ethereum, the better altcoin by bazaar cap, which accomplished a absolute basis account of 148.6. The added three spaces in the top bristles went to Tron, NULS and GXchain.
Tron denticulate third accomplished admitting the ongoing drama surrounding its creator, Justin Sun, who letters affirmation is beneath analysis by authorities over his business practises.
Chinese Mining Heavyweight Eyes US IPO
The CCID abstracts comes as China-based cryptocurrency entities hit the account away this week. Long associated with the Bitcoin mining sector, the country appears set to lose arena to the US afterwards above amateur Canaan Creative reportedly filed to abide an antecedent accessible alms (IPO) in the country.
The move, which is still unofficial, follows agnate noises from adversary Bitmain, which hinted it was advancing a agnate action aftermost month.
Both companies had approved and bootless to barrage an IPO on the Hong Kong Stock Exchange backward aftermost year, at a time back the Bitcoin mining industry was adversity as BTC/USD hit $3100.
Authorities in Beijing are already alert of Facebook’s Libra stablecoin, which axial coffer admiral beforehand warned could accept a adverse aftereffect on the Chinese abridgement if it were too carefully called to the US dollar.
A acquaintance another could ultimately barrage in future, the aforementioned sources said, article which the arch of tech behemothic Huawei reiterated this week.
“China can aloof affair our own adaptation of Libra. Why should we delay for others to do it? The ability of a country is consistently stronger than that of an Internet company,” said at a columnist appointment in Italy.
What do you anticipate about the latest CCID rankings? Let us apperceive in the comments below!
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