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June 23, 2017

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Digital coin sector expanding

CHINA should closely monitor the increasing diversification of cryptocurrencies and establish itself as a strong global voice in the sector and its regulation, industry analysts said yesterday.

Bitcoin leads the market, but other digital coins, including Ethereum, Litecoin and Ripple, are narrowing the gap with the leader in terms of market value.

Bitcoin, Ethereum and Ripple were top-three cryptocurrencies by market value at the end of March.

Ethereum’s market cap was roughly a quarter of Bitcoin’s US$40 billion in March, compared with less than one tenth a year earlier, according to Huobi, a major Bitcoin and Ethereum trading platform in China.

“The digital coin market has become diversified and complicated,” said Zhu Jiawei, chief operating officer of Huobi, which launched China’s first digital coin ranking list yesterday.

The ranking helps investors understand the value and risks of the growing number of digital coin products using blockchain.

Blockchain technology can be used in finance, insurance, auditing, logistics and many other sectors. Blockchain can also be used to simplify trading, clearing and settlement.


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