Chinese launches government-backed crypto index

The China Electronic Information Industry Development (CCID) of the Ministry of Industry and Information Technology, a major department of the Chinese government, has announced an independent monthly analysis of cryptocurrencies and public blockchain technology.

Global Public Chain Assessment Index, which brings together experts in government, academia and industry, was unveiled at a conference in Beijing and shows how confident China is in the future of blockchain and crypto.

The index will operate as a guide for governments, enterprise companies and research institutes across the globe, and may mark the first big shift in how government bodies approach blockchain and crypto in future.

The purpose of the project is to determine the technological capability, usefulness of application and how innovative individual blockchain technologies are, in order to understand trends within the sector and how it will evolve.

The first round of assessments will look at 28 cryptocurrencies including Ark, Bitcoin, Bitcoin Cash, BitShares, ByteCoin, Cardano, Dash, Decred, Ethereum, Ethereum Classic, Hcash, IOTA, Komodo, Lisk, Litecoin, Monero, NANO, NEM, NEO, QTUM, Ripple, Siacoin, Steem, Stellar, Stratis, Verge, Waves and Zcash.

Full ranking information will be announced in the coming days. Criteria for public blockchain projects includes an independent main chain, freely created node, open source code, trackable block information, and a contactable team member.