4/ Detailed scores of the first crypto ratings by CCID Research, China’s Ministry of Industry & Information Technology pic.twitter.com/7LiJIWokge
— cnLedger (@cnLedger) May 17, 2018
The Verge community are feeling pretty smug at the moment, given that Verge XVG has been included in the top rankings for China’s Ministry of Industry & Information. The rankings are based upon research by the ministry which have focused on three key areas within the make up of the currencies.
Firstly, the technology behind the currency, secondly, the applications of the currency and thirdly, the innovation, driving the future of the currency. A number of currencies have received scores for each aspect and thus have been ranked accordingly. Overall, Ethereum came out as the clear winner, scoring a total index of 129.4.
The real surprise here is Bitcoin. Bitcoin managed to fall in at 13th place, alongside Verge, with scores of 88.1. Verge however did score higher than Bitcoin for technology, although overall, Bitcoin took the edge when it came to Application and Innovation.
Whilst this isn’t especially bad news for Bitcoin, it’s simply just opinion based, Verge should see this as a very positive thing, especially considering that from what we can see, China are sort of against the privacy that currencies like Verge are built upon.
With this in mind then, will Verge be adopted as a cryptocurrency in China, before Bitcoin?
The news hasn’t had a great impact on Verge XVG unfortunately, at the time of writing Verge is valued at $0.055 and is up 2.73%. Though, much of this will be down to the fact the markets are still continuing to slide. At the moment things are looking upwards, overall though the consensus through the week has of course been negative.
China are now taking cryptocurrencies very seriously. In the past, Chinese authorities have seemed to be quite against cryptocurrencies and to be honest, we expected stringent regulations to be put in place sooner, rather than later. However, the authorities and the Ministry of Industry & Information now seem to be looking towards establishing regulations that can foster a healthy environment for cryptocurrency use in the country.
So, with this in mind, this does present Verge an opportunity to get a foot in the door here. Obviously, Verge is being taken seriously by China, it’s being taken as seriously as Bitcoin and therefore, they need to take action fast, in order to make the most of this.