Chinese app Sina Finance introduces cryptocurrency index

Chinese financial news app Sina Finance has introduced a cryptocurrency index, technode writes. The index shows prices and performance of major cryptocurrencies and broadcasts cryptocurrency-related news.

The index is only available in its mobile app, and the feature is not accessible from Sina Finance’s web version.

The decision may appear odd considering the Chinese government’s negative stance on cryptocurrencies. The country imposed a ban on cryptocurrency exchanges, wallets, and initial coin offerings (ICOs) in 2017. Since the ban was instigated, major cryptocurrency companies, including Huobi, have relocated from China. Earlier this year, China’s National Development and Reform Commission included cryptocurrency mining on a list of industries it wished to phase out, voicing a similar proposal to one made in 2011.

However, state-run Global Times has voiced concern over the country’s reluctance towards cryptocurrencies. “If China cannot participate in this new phase of the digital economic revolution, then it may find itself in a passive position within currency competition, not to mention it could lose its advantages within the internet and financial technology sectors.”