China is positioning itself to becoming the first country to create an independent blockchain rating agency, much like other regulatory financial bodies such as Moody’s or Standard & Poor.
The initiative would be called the “Global Public Chain Assessment Index” and would focus primarily on 28 major blockchain projects and assessing them based on their technological capabilities and practical use cases.
The regulatory body overseeing such efforts is a state-owned scientific institution that is overseen by China’s Ministry of Industry and Information Technology or (MITT) for short.
The MITT announced this past March that they move forward with efforts to create a committee to oversee and create recommendations for standardizing blockchain technology in the burgeoning nation. According to the agency this is among one of its top priorities for 2018. Blockchains and cryptocurrencies are largely unregulated in the majority if most states.