My name is Andrew Kamal and I am one of the people who have an ICO going on. While I am not going to get too much about my ICO for this article specifically, I wanted to shed light on a recent topic that came up. China decided to ban ICOs and now they are going to try to ban exchanges. The reason being, is that they claim it has to do with stability and financial accuracy of the value of it in actuality. However, this can't be far from the truth.
One thing about China is that it is a communist government, and an unregulated medium of exchange is a threat to that. Another reason I believe it was shut down was a decision partially on the side of the central Chinese banks. They have a monopoly on money in China as well as what many of what the Chinese owns.
Given the nature of their government, everything needs to keep getting reported. However, I believe that it isn't in the best interest of China to shut down cryptocurrency for its people. The economic benefits that China can reap from cryptocurrency outweighs the negative. Also the fact is that blockchain technology will impact a variety of industries. If China really wants to stay on top of being a global economy they need to accept the fact that we are a digitized modern society. The old way of doing things won't work for long.