China’s crypto rankings have been a contentious issue since they were first unveiled last year. With many questioning their legitimacy, the government-run ranking index has been met with widespread skepticism. Now, China has recently released the latest update of its cryptocurrency rankings.
The Chinese rankings are supposedly based and calculated using a set of three criteria. These include technology, application, as well as innovation. Moreover, the China Electronic Information Industry Development (CCID) agency publishes the cryptocurrency rankings.
Furthermore, China’s Ministry of Industry and Information Technology directly oversees the CCID. As such, some regard the Chinese cryptocurrency rankings as a list of what cryptocurrencies China’s government perceives to ”be the best”.
This is the twelfth time China has updated its ”Global Public Blockchain Technology Assessment Index” since launching last year. Specifically, China’s updated crypto rankings still put EOS in the top – a position it has held since June 2018.
EOS received a total index score in the rankings of 148.5. Joining EOS in the top five are, in order of ranking, TRON, Ethereum, Steem, and Ontology. These cryptocurrencies have received index scores from 144.1 down to 110.4.
China’s crypto rankings have notoriously ranked Bitcoin consistently low in this index. In March of this year, the CCID ranked Bitcoin at 15th place in its index. This comes as Bitcoin is, far and away, the most well-known and traded cryptocurrency asset on the market.
Since March, however, this premier cryptocurrency has experienced an intense rally. Just yesterday, the Bitcoin price reached a new 2019 high. Adding to this, China’s crypto rankings have also upgraded Bitcoin to the 12th place.
What’s more, Bitcoin scores exceptionally high in the ”innovation” part of the CCID’s index. However, the cryptocurrency consistently receives comparatively low scores both when it comes to ”technology” and ”application”.
Moreover, one should note that China’s crypto rankings generally favor large-capacity blockchains over proof-of-work blockchains. Although this is questionable, the CCID has stated in its May report that the criteria will remain consistent.
”The subject of this technical assessment has not changed, including 35 well-known public chains around the world. The evaluation model is consistent with the previous issue and is still evaluated in three main areas: basic technology, application, and innovation.”