US and China governments have a substantially different approach to crypto and blockchain. The United States is still looking at the speculative aspect of digital coins. It sees it as a threat to the predominance of the dollar and the stability of its financial apparatus.
It has no apparent intention to ban the use of crypto but wants to curtail their possible illegal applications.
The Chinese government gives particular attention to newcomers that have higher technology potential, totally disregarding transaction volumes, and market capitalization.
Overall, China has embraced crypto technology as a state-controlled asset. The US government is catching up on blockchain deployment, but it still lacks a clear and comprehensive policy in the field.
Blockchain in Government
The latest crypto rankings from the China Electronic Information Industry Development (CCID) places Bitcoin (BTC) at the 11th position. It is named the Global Public Blockchain Technology Assessment Index (GPBTAI). It focuses on basic technology, application, and innovation. Market valuation doesn’t matter. Consequently, cryptocurrencies that provide a smart contract platform always rank on top. EOS, Ethereum, Tron, and NULS occupy the first four positions this time. Bitcoin has moved up one place since the last report but has fallen behind COSMOS that launched its main net in the first quarter of 2019. Basic technology evaluates the technical realization of each blockchain. The main inspection points include function, performance, safety, and decentralization. The GPBTAI rankings do not consider other fundamental areas of a blockchain ecosystem like decentralization, structure, developer activity, and so on. They do not even indicate the level of user activity or transaction volume. Some analysts consider the latter crucial in evaluating the real-world usage of a blockchain protocol.
Cryptocurrencies & Markets
Banks & Stablecoins
Exchanges, Trading, Wallets & Payment Platforms
This year, about 180 blockchain projects obtained funding through an Internal Exchange Offering (IEO). Forty exchanges hosted at least one IEO, but only 28 launches were held on legitimate exchanges. Of these, only 18 (64%) were profitable. Larry Cermak, blockchain and cryptocurrency researcher at The Block, published a summary disregarding exchanges known for pumping and dumping, and for manipulating trading volumes.