Weiss Ratings: China will never use Bitcoin, EOS is number one rated crypto

Weiss Crypto Ratings recently stated that China would never use Bitcoin.

China's President Xi Jinping recently revealed that he wants his country to "Take the leading position in the emerging field of blockchain." Following Jinping's remarks, the Vice Chairman of the Center for International Economic Exchanges Huang Qifan stated that the People's Bank of China is going to issue the world's first sovereign cryptocurrency.

NEM and GXChain were removed from the index in spite of "a dynamic adjustment mechanism [that] were introduced to regulate the general public chain whose code replace fee is just too low," said a spokesperson for the CCID. Despite the popularity that the Global Blockchain Technology Assessment Index has in China, Weiss Crypto Ratings dismissed it.

In a tweet, Weiss Crypto Ratings questioned the veracity of CCID's blockchain index.

The firm claimed that the only way EOS could be ranked No. 1 when compared to other cryptocurrencies is by the high levels of centralization it presents.

Weiss went as far as to suggest that "China will never use Bitcoin" since this is an "Open, decentralized, permissionless, censorship-resistant" cryptocurrency.

Weiss also offers cryptocurrency ratings that are published every week.

Under Weiss criteria, Bitcoin and Ethereum have a B- rating while EOS has a C+. Other cryptocurrencies such as TRON and Lisk have a C- and D+, respectively.

The ratings provided by both the CCID and Weiss Crypto Ratings aim to help investors make the right choice when deciding whether to invest in any given cryptocurrency.

As China continues to push the adoption of blockchain technology, Weiss remains skeptical.