Hong Kong is preparing to launch a new cryptocurrency index in November of this year.
The Hong Kong Exchanges and Clearing organization, which operates the Stock Exchange of Hong Kong, has announced that it will launch a crypto index on Nov. 15.
The new index will include a reference price for both Bitcoin (BTC) and Ethereum (ETH), as well as some other larger cryptocurrencies.
The index will run 24 hours a day, seven days a week and reference the spot price of Bitcoin and Ethereum in real time using U.S. dollars.
The index will use data and information pulled from CCData, a UK-registered benchmark administrator and virtual asset provider.
The move to launch a crypto index comes as Hong Kong strives to become a global centre for the trading of digital coins and tokens.
In a written statement, Hong Kong Exchanges and Clearing said that the new crypto index will, “Support the development of the virtual asset ecosystem and reinforce Hong Kong's role as an international financial center.”
The price of Bitcoin, the largest cryptocurrency by market capitalization, is currently at $68,700 U.S., having gained 55% so far this year.
