The Chinese Government disclosed to promulgate a monthly “independent analysis” of cryptocurrencies and Blockchain projects at a Beijing Conference held on May 11. The conference is organized to deliberate the global blockchain technology innovation activity. It mainly focuses to expand Blockchain technology.
Challenges faced by blockchain technology
Prof Chen Zhong says the present blockchain technology is in its infancy stage and needs few changes. Bestowing to reports, the Chinese Ministry of Industry and Information Technology’s department China Electronic Information Industry Development are in the process to investigate cryptocurrency.
The cryptocurrencies under the inspection are Bitcoin, Ethereum, Litecoin, Monero, NEO, QTUM, Ripple, and Zcash.
The first-rate domestic experts and scholars will devote to the project. The creators are dubbing the “Global Public Chain Assessment Index”. The impulse for the Index’s creation says lack of complete independent assessment rating for crypto assets and blockchain projects haven’t advanced Blockchain technology.
The blockchain technology is facing many rebukes and needs to be eradicated. The technology is promoting globally and is exploring its assessments.
According to the CCID release, the goal of the index is to assess the technological ability. The versatility of application and the mutation of the project have developed the level of projects to extremely understand the tendency of blockchain technology innovation.
The appraisal emerges to overlook efforts by international rating agency Weiss. This year the government issued somewhat controversial verdicts on major cryptocurrencies including Bitcoin, Ethereum, and Ripple.
Crypto trading in China
China has banned trading of cryptocurrencies. This drive represents an arguably surprising move to produce publicity for crypto assets. Referring to the Government’s position, it targets the technology that underlies in the digital currency.
Recently, Beijing has started to cement nationwide blockchain standards utilizing a zealous committee by the end of 2019. The first chapter of the global public-owned blockchain technology is releasing in upcoming days. China Electronic Information Industry Development Institute’s official website stating as a designated platform for inspecting index.
In the certain private sector, Chinese multinational communications giant Huawei Technologies have announced that cell phone users can download Bitcoin (BTC) wallets on Huawei device from Friday. The crypto assets have become a form of payment which is legal in China.