- China has stamped out cryptocurrency trading
- But Government agency releases report into blockhain with rankings table
- Bitcoin ranks in thirteenth place, while ethereum is rated ‘best’
- Expert warns consumers not to take the rankings too seriously
The Chinese government has produced the first ratings table ranking cryptocurrencies, despite also being the first government in the world to ban its people from trading in them.
A government research unit, called the China Center for Information Industry Development, has ranked 28 cryptocurrencies and the blockchains behind them.
In a blow for bitcoin enthusiasts, it was ethereum that took the Chinese government’s research group’s top spot, based on the technology involved, application, and technological innovation.
Ethereum is currently trading up 1.51 per cent at $704.25.
Despite all the hype it has attracted, bitcoin only came in thirteenth place, with poor scores for the technology underpinning it, as well as ‘applicability.’
After months of wild ups and downs, bitcoin is currently trading down 0.40 per cent to $8,306.75.