Recently, China launched the global public chain assessment index. In it, Ethereum was ranked higher as compared to Bitcoin. According to the Chinese government, the result is accurate and it is fair. Also, the Chinese Government State agrees that Ethereum blockchain is better as compared to Bitcoin.
Index released by the Ministry:
The index was released by the Ministry of Industry and information technology in between. Even some of the analysts are of the opinion that the index is developed by incompetent professionals. Experts like Josef Young are actually quite critical of the index which is developed by the Chinese Ministry.
Also, the Chinese citizens now are confused about the various cryptocurrencies including Bitcoin as well as Ethereum. On the other hand, China clearly states that blockchain technology is pretty efficient and it can use the blockchain technology in the future in order to build the decentralized applications. At the same point in time, it has started cracking down on ICOs as well as cryptocurrency mining which is a core part of the blockchain technology.
Blockchain technology is actually a centralized mechanism with the help of which, transactions can be verified or computing power can be shared between the different applications. Many countries are using the blockchain technology in order to make the bureaucratic processes more streamlined. In fact, countries are also using it in order to keep the record of the voters as well.
In the near future, China aims to become an economic superpower. If indeed, it plans to become a superpower, there is no other alternative but to use such a modern technology which will induce efficiencies into the system.
According to CEO of cryptocurrency exchange, CoinMetro, Kevin Murcho, the message that China is trying to send through cryptocurrency indexes is actually fixed. It considers the cryptocurrencies to be a threat but at the same point in time, it needs to be at the forefront of the digital economy. As a result, it cannot ignore blockchain and cryptocurrencies either. According to Jacob Papageorgiou, BX head of education, China has banned the cryptocurrencies as well as ICOs because they understand the potential which they have for the future. They have placed the restriction only to ensure that there is no greater adoption of blockchain or cryptocurrencies.
On the other hand, most of the experts are clear that there is a stark difference between blockchain as well as cryptocurrencies. While cryptocurrencies can be ignored but blockchain is the future and therefore, countries like China will sooner than later start using blockchain technology in order to become more efficient and to have better control of their bureaucratic systems. For now, however, it seems like China is going to stay with the ranking which it had released a couple of weeks back.