Cryptocurrency-related news continues to pour out of China with the release of the government’s new cryptocurrency project rankings. As you may already know, the Ministry of Industry and Information has been releasing its assessment of the top cryptocurrency projects for some time. Previously, these lists were largely ignored. However, with President Xi’s recent endorsement of blockchain technology, the Ministry’s rankings may have a concrete impact on the market at large.
China’s Blockchain Project Rankings
At first glance, the list by the Ministry is a strange one. Here are the results.
- EOS — tops the list based on ‘basic tech, applicability, and creativity.’
- TRON — comes in a close second.
Surprisingly (or not), Bitcoin didn’t even make the top-ten on China’s list. The state is likely considering the leading cryptocurrency to be in direct competition with the country’s renminbi.
EOS, on the other hand, has managed to hold onto its first-place position, topping the Ministry’s list for some time. TRON has experienced a surprise bump on the list this time around, replacing Ethereum for the second spot. Lisk and QTUM both experienced the highest bump in rankings, up 7 and 10 positions respectively. NEO, despite being called the ‘Ethereum of China,’ sits at the ninth place now.
You can view the full rankings below as reported by Nugget’s News.
News out of #China continues…
The Ministry of Industry and Information Technology's CCID has released v14 of #crypto project rankings.
— Nugget's News (@NuggetsNewsAU) October 28, 2019
What It All Means
As reported by BeInCrypto, Chinese cryptocurrencies have been booming since President Xi’s endorsement of blockchain technology. Most have posted double-digit gains — and it seems that the hype is still building. EOS, for example, is up 15% since the beginning of last week while TRON continues to rise, currently up 38% since the beginning of last week.
In short, it seems like more investors are paying attention to the Ministry’s cryptocurrency rankings than ever before. Whether or not this ranking system will have an actual impact on state policy remains to be seen. However, one thing is clear — it seems that the cryptocurrency industry is moving East and China, for better or for worse, is quickly becoming the main catalyst for a future market.
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