The Chinese government has an interesting relationship with cryptocurrency. There is a lot of opposition, but also a genuine interest in this form of money. In a new effort, the China Electronic Information Industry Department announced the launch of a Global Public Chain Assessment Index. In short, all cryptocurrencies will be analyzed and given a specific rating.
It is interesting to see how the Chinese government addresses cryptocurrency. Despite its opposition to CNY–based trading, there is still some genuine interest in it as well. As such, the government is now launching the monthly Global Public Chain Assessment Index. It will be used to independently analyze cryptocurrencies and global public blockchain technology. With this Index, the government will evaluate how this technology will evolve in the future.
The Global Public Chain Assessment Index Project
As one would expect, the Chinese government is mainly interested in blockchain technology. This technology can play an active role in the future development of technological ventures. The Global Public Chain Assessment Index keeps tabs on all of these public developments. First-rate domestic experts are working on this index by further analyzing additional cryptocurrencies and blockchain infrastructure projects.
The list of cryptocurrencies on the Global Public Chain Assessment Index is pretty interesting. It includes Bitcoin, Bitcoin Cash, IOTA, Ethereum, Monero, and a few other coins. With 28 cryptocurrencies on the list right now, the team is working on giving them an appropriate rating. It is somewhat to some of the cryptocurrency indexes around the world, but with a more scientific approach.
All blockchains will be evaluated based on several criteria. They include having an independent main chain, a published block explorer, open source code, and so forth. Most public projects adhere to these rules without any big problems. However, now all projects are open source at this stage, which may make them less attractive to Chinese companies and government officials.
Header image courtesy of Shutterstock
