Previously known for flat-out banning ICO’s on its territory, many have questioned the Chinese willingness to accept cryptocurrency as a valid means of transacting and preserving value. As of late they’ve shown signs of not rejecting crypto completely and a recent conference, held on May 11th, all but confirmed that notion.
Mentioned conference was held in Beijing and organized by the CCID (China Center for Information and Industry Development), a department of the Chinese Ministry of Industry and Information Technology dedicated to analyzing technology/software research and development. The conference was presided by members of the CCID Blockchain Research Institute. The main talking point of this conference was the launch of the first monthly Global Public Chain Assessment Index, a cryptocurrency rating tool which will focus on analyzing technological capabilities and use cases for 28 major blockchain projects.
This allegedly “independent” analysis will be done by various domestic cryptocurrency experts, government members and industry professionals. CCID themselves have launched this analysis body as a response to an alleged lack of independent assessment/rating project that focuses on cryptocurrencies. Their report seems to ignore the efforts of an international rating agency Weiss, which published some controversial ratings about crypto assets like BTC, Ethereum and XRP. These ratings were so controversial that they resulted in the entire Weiss website getting DDoSd by some angry South Koreans.
CCID will be in charge of future monthly reports as well. The creation of this index is apparently a part of a larger initiative designed by the Ministry of Industry and Information Technology aimed at gaining a better grasp over cryptocurrency and blockchain technology. The ultimate goal is to create a set of nationwide blockchain standards which will make the market more stable and efficient. While one can question how independent this analysis will be, it will surely provide valuable information for government and businesses interested in the world of crypto.
28 initially included cryptocurrencies are: Ark, Bitcoin, Bitcoin Cash, BitShares, ByteCoin, Cardano, Dash, Decred, Ethereum, Ethereum Classic, Hcash, IOTA, Komodo, Lisk, Litecoin, Monero, NANO, NEM, NEO, QTUM, Ripple, Siacoin, Steem, Stellar, Stratis, Verge, Waves and Zcash. The list apparently is only temporary and could in future be expanded with more entrants. Main requirements that each member of the index must fulfill are as follows:
- The entrant must possess its own independent main chain.
- Any entity should be able to freely create and operate a full node on the network.
- The entrant should have a published block explorer where information is easily tracked.
- It must run on open-source code.
- Its primary team members should be easy to contact through its website.
Initial findings and measurements of the index will be released in the following days. The official website of the China Electronic Information Industry Development Institute will be the only designated release platform for the evaluation index. This effort should reduce the disconnect between the Chinese government and cryptocurrency world and ultimately lead to a better crypto market for everyone.