Despite last year’s apparent opposition to Cryptocurrencies and Blockchain related activities by stepping up regulations, shutting down domestic exchanges, banning initial coin offerings (ICOs), and blocking all sites related to digital currency trading, China is now demonstrating an open attitude towards Blockchain technology.
At the recent technology assessment conference held in Beijing on 11th May 2018, the Chinese Government through the China Electronic Information Industry Development (CCID) department, announced it would commence publishing monthly independent ratings of different Cryptocurrencies and Blockchain undertakings through a Global Public Chain Assessment Index.
The Global Public Chain Assessment Index will publish a detailed report on 28 virtual currencies and their different reviews from cryptocurrency experts, researchers, and the government.
With the Ministry in charge of Industry and Information Technology in China producing monthly results and analysis for different cryptocurrencies, the government will be able to manage and monitor technologies that support virtual currencies such as Bitcoin.
The Monthly Independent Analysis
The adoption of this independent report of virtual currencies and global Blockchain projects not only shows the Chinese government confidence towards this growing technology, but also the importance of the report in acting as a point of reference for the government, research institutions, and businesses who are interested in knowing more about the various cryptocurrencies and how they are performing.
China seems to view and wants to support the Blockchain market as an active area of innovation that shows a lot of potential in shaping future economies, and how people commerce.
Led by the CCID, the 28 virtual currencies to be included in the inaugural report include: Bitcoin, Ethereum, Siacoin, Hcash, NANO, Waves, BitShares, Nem, Komodo, NEO, Stellar, Bitcoin Cash, IOTA, Stratis, Qtum, ByteCoin, List, Decred, Steem, Ark, Cardano, Litecoin, Dash, Monero, Hcash, Verge, Ethereum Classic, and Zcash.
Also, according to the announcement by CCID, a report will entail information on a number of other stakeholders who already operate in the virtual currency ecosystem. The companies are Zcash, BitShares, Waves, IOTA, Verge, Ripple, Stratis, NANO, ByteCoin, Stellar, List, Siacoin, Monero, Steem, Qtum, and Stellar.
The China Center for Information Industry Development (CCID) believe that the scientific evaluation of the worldwide public blockchain technology will allow better comprehension of innovation trends and their level of developments.
The CCID further announced the basis for identifying public chain projects. Public chain projects would have to satisfy the following criteria’s for them to be included in the report:
- The projects should have their own Open Source code
- Ability to create the node freely
- Should have an independent main chain
- The project’s webpage should be available alongside a relevant working contact
- A published block explorer should be available that would facilitate easy access to block information
These announcements come as a shock to many marking a change in stance by the Chinese government on virtual currencies and blockchain technologies.
In mid last year, China imposed an embargo on all initial coin offerings (ICOs). Its change in tune towards blockchain technologies shows that cryptocurrency is an innovative trend that cannot be overlooked.