Will the Chinese ICO Ban End After October 18th?
The biggest news the crypto community received this month was that China banned Initial Coin Offerings AND they they are shutting down all exchanges until they get proper legislation/regulations in place. However this could all end shortly after October 18th.
China’s Leadership Election
In the west, new elections cause significant change for most governments, and this is also true in China. On October 18, 2017 the Communist Party of China will hold leadership elections. The elections are not democratic, but are internal elections to the chief seats of government within the Communist Party. The overall makeup of the Chinese Government can very well change drastically.
According to CoinTelegraph, “This election is an ‘odd year’ (the last one was in 2012), meaning that it will likely contribute substantial changes to the governance of China. Most notably, the election will include the retiring of five of the seven current members of the Politburo, the main governing body of the Chinese government.”
Does This Mean the ICO Ban Will End?
No one knows for sure. However, we do know that there will be five new people out of the current seven who could have a different opinion on cryptocurrencies. Some sources are also saying that this “ICO and Exchange ban” may be more manipulation for seats and positions by current convention hopefuls than a genuine financially motivated decision.
Whatever the outcome is going to be, we’ll find out soon after October 18th. My bet is that by November we’ll hear more news regarding the whole situation down there, and they direction the Chinese government is going to go in.
We’ll keep you updated.