Bitcoin Still Ranks Lower Than EOS And Tron, Chinese Gov’t Says

Bitcoin remains outside the top ten cryptocurrencies according to the Chinese government, which produced fresh 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 issuing periodic rankings of major cryptocurrencies in 2018, and currently includes 37 tokens in its evaluations. 

Each scores points in three categories: ‘basic tech,’ ‘applicability’ and ‘creativity,’ to obtain an overall ‘total index’ value.

The results have 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 spot going to domestic platform EOS, which scored a total of 153.1 points. Bitcoin, by comparison, scored 103.

Second place belonged to Ethereum, the largest altcoin by market cap, which achieved a total index score of 148.6. The other three spaces in the top five went to Tron, NULS and GXchain.

Tron scored third highest despite the ongoing drama surrounding its creator, Justin Sun, who reports claim is under investigation by authorities over his business practises. 

Chinese Mining Heavyweight Eyes US IPO

The CCID data comes as China-based cryptocurrency entities hit the headlines abroad this week. Long associated with the Bitcoin mining sector, the country appears set to lose ground to the US after major player Canaan Creative reportedly filed to undergo an initial public offering (IPO) in the country. 

The move, which is still unofficial, follows similar noises from competitor Bitmain, which hinted it was pursuing a similar process last month. 

Both companies had tried and failed to launch an IPO on the Hong Kong Stock Exchange late last year, at a time when the Bitcoin mining industry was suffering as BTC/USD hit $3100.

Authorities in Beijing are already wary of Facebook’s Libra stablecoin, which central bank officials earlier warned could have a detrimental effect on the Chinese economy if it were too closely pegged to the US dollar. 

A homegrown alternative could ultimately launch in future, the same sources said, something which the head of tech giant Huawei reiterated this week. 

“China can just issue our own version of Libra. Why should we wait for others to do it? The power of a country is always stronger than that of an Internet company,” said at a press conference in Italy.

What do you think about the latest CCID rankings? Let us know in the comments below!

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