Bitcoin Increases Ranking In Recent China Crypto Ranking
The Center for Information and Industry Development has recently released its latest cryptocurrency ranking.
The ranking consist of 34 cryptocurrency projects and will be the first ranking of the agency for the year 2019.
To date, there have been around 9 updates from the organization.
[The number one cryptocurrency by market capitalization has increased ins rank from 18th place to 15th](https://news.bitcoin.com/bitcoin-chinas-crypto-ranking-2019/ while the two top ranking crypto projects remain unchanged with EOS taking the top spot followed by Ethereum.
Bitcoin Cash also gained upper ranks from 30th place to 15th place.
According to the organization the Constantinople upgrade of the Ethereum network will be factored in on the next ranking cycle.
It also notes that Ethereum Classic fell from 15th place to the 19th place in the rankings in light of the recent 51% attack which has brought great concern from the crypto community in terms of security of the project.
The rankings of cryptocurrency started last year in May 11.
The center that conducts research on the crypto projects is described as a first-class scientific research institution directly under the administration of the Ministry of Industry and Information Technology of China.
Bitcoin May Become The Global Reserve Asset
A partner at Vision Hill Advisors, Dan Zuller, took to twitter to express his thoughts on what happens to cryptocurrencies and digital assets during the next economic downturn.
He states that digital assets are still risk-on assets and could be more susceptible to a global macro bear market.
Zuller claims that the price of bitcoin would not hold up in an equities market collapse.
Comparing cryptocurrencies to Silicon Valley stocks he explains that both are especially affected by historical downturns.
On a brighter note Zuller believes that bitcoin can become a global reserve asset.
However this will not happen overnight.
He predicts that this could only happen after multiple macro cycles as the digital assets will need to prove their monetization and economic independence.
Other pundits believe that bitcoin has the potential as a hedge against inflationary recession basically becoming a digital Store of Value and will garner traction in the next financial meltdown which many believe to be just around the corner.
Two U.S. States To Accept Bitcoin For Taxes
The first of the two states, Indiana is seeking taxation code amendment while New Hampshire file new legislation that would require the State Treasurer to develop a way to accept crypto for tax payments.
The House bill number 1683 was filed last January 24, 2019 asking the General Assembly of the State of Indiana to amend the current taxation code of Indiana.
If it gets approved citizens in the states will be able to pay taxes, penalties, interest, costs, special assessments or other liabilities.
Should it be approved it could take effect on July 1, 2019.
In the state of New Hampshire, House bill number 470-FN was filed last January 5, 2019.
The new bill seeks the acceptance of cryptocurrencies as payment for taxes and fees by state agencies.
Ones approved it will require the state treasurer to develop an implementation plan for the state to accept cryptocurrencies as payments for fees and taxes.
<h1New AML Solution For Stablecoin Launches
Dubbed as the Know Your Transaction (KYT) it is designed to monitor transaction activities of stablecoins.
According to the company the stablecoin version of the Chainalysis KYT is the first solution of its kind to be applied to this type of crptocurrencies.
KYT is used for investigation and compliance purposes by institutional clients, such as banks and crypto exchanges, as well has government bodies from around the world..
The company states that the new tool eases the difficulty of enacting proper AML controls.
With KYT it enables users to monitor large volumes of cryptocurrency activity and identifying questionable transactions.
Chainalysis was founded in 2014 by Dr Michael Gronager and is currently the CEO of the company.
It has two main products Chainalysis Reactor and Chainalysis KYT.
The above mentioned AML compliance solution for stablecoins is a modified version of the company’s original KTT.
Harvard, ConsenSys and Levi Strauss To Co-Develop Blockchain-Based Factory Safety Solutions
They will be using the emerging technology to establish a universal benchmark for the assessment of workforce safety.
The tripartite have been awarded a federal grant worth $800,000 to develop the distributed ledger technology that will enable organizations to track health and well-being records of factory workers.
The project has a two year timeline and will be based on the Harvard T.H. Chan School of Public Health Sustainability and Health Initiative for NetPositive Enterprise (SHINE) Health and Well-being index.
Levi Strauss will provide the workforce test subjects for the initiative while ConsenSys will help on the product development.
ConsenSys will share its expertise with blockchain technology to create trustless and transparent environment for workers.
According to Joseph Lubin, founder and CEO of ConsenSys the goal is to develop, test and scale a system that will empower all participants to make informed decisions.
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