China has been launched with a series of announcements relating to cryptography. President Xi Jinping's speech aimed at accelerating the development of China's blockchain technology was followed by the adoption of a draft law on cryptography. Meanwhile, the China Center for Information and Industry Development has continued to evaluate and classify cryptographic projects and the central bank is preparing to launch its own digital currency.
Read also: China publishes new ranking of 37 cryptographic projects
China's latest ranking: 35 projects
As China adopts blockchain technology and prepares to launch its own digital currency, the country's Center for Information and Industry Development (CCID) has continued to publish cryptographic project rankings. The CCID is a scientific research institute reporting directly to the Chinese Ministry of Information Technology Industry. The first ranking, released last May, surprised the cryptography industry.
The final series of rankings consists of 35 cryptographic projects, ranked according to the CCID Blockchain Global Technology Assessment Index. There are three sub-indices: basic technology, applicability and creativity. Together, they constitute the overall ranking.
EOS is in first place in the overall standings and has been at the top of the overall standings since the center started evaluating it last June. The second position has changed compared to the previous ranking, TRON replacing Ethereum. NULS remains in fourth place, while Bitcoin remains in eleventh place. Bitcoin Cash now ranks 30th, down some positions from 26th previously.
The institute explained that the average value of the sub-index of the core technology is virtually unchanged from the previous period. The average value of the creativity index has increased slightly, while the average value of the applicability index has increased significantly. Two projects, Gxchain and XEM, were withdrawn for later comment because "a dynamic adjustment mechanism has been introduced to adjust the public channel whose code update rate is too low", explained the CCID .
The indices are compiled by the CCID blockchain research institute (Qingdao), an entity created by the CCID. Ranking and evaluation work is done every two months in collaboration with several parties such as the CCID think tank and the China Software Evaluation Center. "The result of this assessment will allow the CCID group to provide better technical consulting services to government agencies, companies, research institutes and technology developers," the institute said earlier. The CCID website provides professional services to government, including research, consulting, evaluation, certification and research and development.
Chinese CBDC Law and Cryptography
While the CCID has been evaluating cryptographic projects for more than a year, the Chinese central bank is studying the possibility of issuing its own digital currency (CBDC) much longer. The People's Bank of China (PBOC) set up a research team in 2014 to consider launching its own digital currency, in order to reduce the cost of traditional paper currency circulation and strengthen mass control. monetary policy makers.
The project has recently been sped up following the announcement of social media giant Facebook regarding the Libra digital currency project. After hinting to the media that his CBDC was "almost ready," the PBOC later stated that further research was needed. Governor Yi Gang said earlier this month that there is no timetable for launch and that more time is needed for research, testing, testing, evaluation and risk prevention. . Nevertheless, some people are more optimistic about the schedule. Huang Qifan, vice president of the China Center for International Economic Exchanges, spoke about the country's digital currency electronic payment system (DCEP) during its keynote address at the Bund, a financial conference in Shanghai. He noticed:
The PBOC has been studying the DCEP for five or six years and will probably be the first central bank in the world to launch a digital currency.
The Chinese authorities have indicated that its digital currency would be similar to Libya, but some experts have reservations about the DCEP system. According to the South China Morning Post, China Securities chief economist Zhang Anyuan said, "The DCEP will not be able to compete with Libra, even if it is likely to attract the participation of Internet giants like Alibaba. and Tencent. "He said that, based on the details revealed so far," its internationalization would not succeed without a breakthrough in monetary theory or an innovation in money creation, "says the publication.
In addition, the official Chinese news agency Xinhua News Agency announced last Saturday that a law on cryptography had been passed and that it would come into force on January 1, 2020. This law aims to " facilitate the development of cryptographic and security activity of cyberspace and information, "explained the publication, citing the Parliament.
Xi Jinping raises Blockchain in China
Chinese President Xi Jinping, while silencing protesters in Hong Kong, has gained immense popularity within the cryptographic community when he said China should accelerate the development of blockchain technology as a core of innovation.
He pointed out that the integrated application of blockchain technology plays an important role in new technological innovations and industrial transformation, Xinhua quoted Xi as saying:
We must consider the blockchain as an important advance for independent innovation of core technologies, clarify major directions, increase investment, focus on a number of key technologies and accelerate the development of blockchain innovation and industrial.
"The Chinese president rarely elaborates on a particular technology," commented Cnledger on Twitter. "Before, only the Internet and artificial intelligence were specifically developed and studied collectively within the Central Political Bureau. This means that blockchain is at least high on the same level as A.I. in China. Following Xi's statements, blockchain shares increased. Xunlei, a company that sells cloud-based download services claiming to be heavily invested in the blockchain, has for example doubled its market capitalization overnight.
What do you think of the CCID rankings, President Xi's speech and the preparation of the PBOC for the launch of a digital currency at the central bank? Let us know in the comments section below.
Images reproduced with the kind permission of Shutterstock and CCID.
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