Although having previously maintained a strict stance against cryptocurrencies, particularly in relation to ICOs and mining, the Chinese government nonetheless hosts some of the world’s highest trading volumes. For this reason, we have researched 8 currencies on the Chinese cryptocurrency list for you.
8 Currencies on the Chinese Cryptocurrency List
Cryptocurrencies are good long-term investments. This is why the Chinese government also allows its citizens to use certain cryptocurrencies. Below are the eight currencies we reviewed as part of the Chinese cryptocurrency list.
As a “decentralized data storage marketplace, protocol, and cryptocurrency,” Filecoin advertises itself on its website. Although Filecoin was created by Protocol Labs, a San Francisco-based business, the project and token have historically been targeted at the Chinese market. It’s a proof-of-work coin like Bitcoin, which means its consensus and reward system is based on mining the coin. Since the majority of those early Filecoin miners were headquartered in China, the currency is sometimes referred to as a “Chinese coin.”
Do Hengfei and Erik Zhang founded NEO in China in 2014. Considering the ongoing comparisons with Ethereum, it has maintained a solid market presence ever since its debut. Beginning in 2014 under the name ANT, it changed its name to NEO in June 2017. It is a blockchain-based platform, much like Ethereum, that supports its own money and allows for the creation of digital assets and smart contracts.
With the help of smart contracts, NEO has attempted to automate the management of digital assets and eventually create a distributed network-based smart economy system. In short, the Chinese cryptocurrency NEO aims to outperform Ethereum. It has the potential to rank among the top cryptocurrencies in 2023 and supports smart contracts for a wide range of users.
Dogecoin is a cryptocurrency that was developed as a “joke” to mock the irrational speculations surrounding cryptocurrencies at the time it was developed. The dogecoin was developed by two engineers, Jackson Palmer, and Billy Markus.
Dogecoin, sometimes known as the meme coin, markets itself as a fun and friendly Internet currency. In order to maintain its parody concept and discourage long-term usage, Dogecoin was initially intended to be as absurd as possible.
Thankfully, Dogecoin has gained popularity over time, especially after Elon Musk and other influential people became interested in it. The trading symbol is DOGE. Nowadays, DOGE is one of the most well-known cryptocurrencies, and some businesses around the globe have accepted it as payment.
VeChain gained a reputation as one of the top blockchain projects for improving supply-chain management due to its Chinese origins and Chinese staff. Similar to NEO, VeChain allows users to regularly get passive rewards in the form of a different token within its ecosystem.
One of the newest meme coins on the market is called Tamadoge. With its pre-sale completed in July 2022, the cryptocurrency has not yet made its formal debut. In the world of cryptocurrencies, the Tamadoge symbol is TAMA. Investors are drawn to the meme coin because it offers a variety of intriguing investing opportunities.
TAMA is groundbreaking not only because it is a meme coin but also because it is an immersive virtual reality and NFT that many gamers and enthusiasts may participate in. TAMA holders will be able to mint a virtual pet NFT in addition to receiving a meme currency with the potential for significant earnings.
Despite the fact that China has officially outlawed cryptocurrency trading since 2019, it still has a significant market. This is led by Bitcoin, which is by far the most sought-after digital asset in China. In order to compete with the global payments infrastructure, Bitcoin was originally introduced in 2009.
Even if NEO, a platform for smart contracts, was developed in China, Ethereum continues to rule this market. In fact, Ethereum is the second-most-traded cryptocurrency in China behind Bitcoin. This clearly demonstrates Ethereum’s position as the de facto blockchain of choice for smart contracts.
One of the greatest Chinese cryptocurrency projects ever is Binance. Binance, which was established in 2017 together with its own cryptocurrency, BNB, permits daily trading volumes of billions of dollars.