China has long back put a blanket ban on all crypto-trading facilities in the country, however, the government is still having an close observation towards the events in the crypto space. As a Beijing conference on Friday, May 11, the Chinese government said that it will publish and “independent analysis” every month on blockchain and cryptocurrencies.

China’s Electronic Information Industry Development (CCID) will be analyzing reports of 28 different digital currencies which includes the likes of Bitcoin, Ripple, Ethereum, Monero, Litecoin and others. CCID said that in the next few days the agency will be deciding on ranking the information for all of these 28 projects.

The creators of the project has dubbed it as the ‘Global Public Chain Assessment Index’ and will include contributions from some first-rate domestic experts and scholars. In the press release, CCID says that the role of the Index will be to “evaluate the technological capability, the usefulness of the application and the innovativeness of the project, [as well as the] development level of the projects to profoundly understand the trend of blockchain technology innovation.”

Moreover, the press release also focusses on the underpinning blockchain technology which states that “This independent analysis of cryptocurrencies and global public blockchain technology demonstrates the confidence of the Chinese Government in the technology, and will act as a guide for government, enterprise and research institute.”

On the other hand, China is also working on another ambitious project for setting up national standards for blockchain which is expected to get completed by the end of 2019. Yu Kequn, director of the National Center for Information Technology Security Research, said:

“The development of blockchain technology may become an important step for China to grasp global technological competition.”