China may lift its ban on ICO and stop its crack down on Bitcoin (Bitcoin) and cryptocurrencies after the 19th Communist party leadership elections which are scheduled to take place on Oct. 18 this year, Forbes reports.
As a result of the elections five of the seven current members of the Politburo, the main governing body of the Chinese government will most probably retire.
Xi Jinping will most likely retain his seat as General Secretary, the overall makeup of the government may well change dramatically.
According to Forbes, there may well be political motives to the ban that will make it unnecessary after the elections are complete.
Besides, the newly elected elite may want a change in monetary policy.
China’s central bank the People’s Bank of China proclaimed initial coin offerings (ICOs) illegal and demanded all related fundraising activity to be halted immediately.
Chinese Bitcoin exchanges were ordered to stop all trading from September 30 which also affected the Bitcoin’s price.