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Buy BitcoinNEWSOct 29, 2019 NEWSby Kevin Helms2 mins agoChina Ranks 35 Crypto Projects as President Xi Pushes BlockchainChina has been on a roll with a series of crypto-related announcements. President Xi Jinping’s speech to accelerate the development of blockchain technology in China was followed by the passing of a cryptography bill. Meanwhile, China’s Center for Information and Industry Development has continued to evaluate and rank crypto projects, and the central bank is preparing to launch its own digital currency.Also read: China Publishes New Rankings of 37 Crypto ProjectsChina’s Latest Rankings: 35 ProjectsAs China embraces blockchain technology and prepares to launch its own digital currency, the country’s Center for Information and Industry Development (CCID) has continued to publish crypto project rankings. The CCID is a scientific research institute directly under China’s Ministry of Industry in Information Technology. The first ranking, published in May last year, took the crypto industry by surprise.The latest set of rankings consists of 35 crypto projects, ranked based on the CCID’s Global Public Blockchain Technology Assessment Index. There are three sub-indices: basic technology, applicability, creativity. Collectively, they make up the overall ranking.Occupying the number one spot overall is EOS, which has been at the top of the overall rankings since the center started evaluating it back in June last year. The second position has changed from the previous ranking, with TRON replacing Ethereum. NULS remains in the fourth position, while Bitcoin remains in the 11th spot. Bitcoin Cash now ranks 30th, down a few positions from the 26th spot previously.The institute explained that the average value of the basic technology sub-index is mostly unchanged from the previous period. The average value of the creativity index has marginally increased, while the average value of the applicability index has increased substantially. Two projects, Gxchain and XEM, have been removed for further observation because “a dynamic adjustment mechanism was introduced to adjust the public chain whose code update rate is too low,” the CCID explained.The indices are compiled by the CCID (Qingdao) blockchain research institute, an entity established by the CCID. The rankings and evaluation work are carried out every two months in collaboration with multiple 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 for government agencies, business enterprises, research institutes, and technology developers,” the institute previously explained. The CCID provides professional services to the government including research, consulting, evaluation, certification, and research and development, its website describes.China’s CBDC and Cryptography LawWhile the CCID has been evaluating crypto projects for over a year, China’s central bank has been researching the possibility of issuing its own central bank digital currency (CBDC) for much longer. The People’s Bank of China (PBOC) set up a research team in 2014 to explore launching its own digital currency, reportedly to reduce the costs of circulating traditional paper money and boost policymakers’ control of money supply.The project was recently accelerated following the announcement by social media giant Facebook regarding the Libra digital currency project. Having hinted to the media that its CBDC was “almost ready,” the PBOC later stated that more research was needed. Governor Yi Gang clarifiedearlier this month that there was no timeframe for the launch and more time is needed for further research, testing, trials, assessments, and risk prevention. Nonetheless, some people are more optimistic about the time frame. Huang Qifan, Vice Chairman of China Center for International Economic Exchanges, talked about the country’s digital currency electronic payment (DCEP) system in his keynote speech at the Bund Summit, a financial