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Government Of China Will Soon Conduct Digital Currency Examination Amidst Absence Of Independent Ratings

May 14, 2018 Posted /  4373 Views

Government Of China Will Soon Conduct Digital Currency Examination Amidst Absence Of Independent Ratings

At a conference in Beijing, the government of China declared it will issue a monthly free examination of digital currency and projects related to Blockchain.

As indicated by the two official statements along with the declaration, the Chinese Ministry of Industry and Information Technology's branch China Electronic Information Industry Development (CCID) will examine 28 digital currencies, including Bitcoin, Ethereum, Ripple, Litecoin, Monero, NEO, QTU, Zcash, etc. The official statement expresses that positioning data for each of the 28 projects will be issued in the following couple of days.

Top notch local scholars and researchers will be a part of the task, which creators have named as the Worldwide Public Chain Assessment Index. According to the CCID launch, the objective of the Index is to assess the technological capacity, the helpfulness of the application and the utilisation of the task, as well as the advanced level of the project to significantly comprehend the pattern of the innovation of blockchain technology.

The driving force for the Index's creation, they say is an absence of a totally independent rating for digital currency resources and projects based on Blockchain.

The analysis seems to neglect endeavours by worldwide evaluations organization Weiss, which this year published to some degree questionable judgements on digital currencies including Bitcoin, Ripple and Ethereum.

As trading of digital currency stays prohibited in China, the activity additionally outlines a seemingly astonishing move to produce publicity for digital currency assets. With respect to government's position, the CCID official statement centres around the technology constituting digital currency. The statement states:

“This independent analysis of cryptocurrencies and global public blockchain technology demonstrates the confidence of the Chinese Government in the technology, and will act as a guide for government, enterprise and research institute.”


Not long ago, Beijing additionally expressed it would bind across the nation blockchain guidelines utilising a devoted panel before 2019 ends.

Recently, Chinese major multinational communications firm, Huawei Technologies Co. reported that their smartphone clients will have the ability to download Bitcoin wallets on Huawei devices. Holding digital currency and utilising it as a type of payment is still apparently legal in the nation.

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Tags: China Digital Currency Examination Beijing bitcoin Ministry of Industry and Information Technology CCID

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