I also hope this is a temporary act because if China bans ICO permanently then surely many of the next ICO projects will be affected and this will be bad for the modern industry because the ICO is trending of the world.
It is good to have a check on things and to flush out the frauds from the ICO market and strict rules and regulations is needed to avoid those circumstances in the future and it is time that they start monitoring these big money grabs as i have seen enough scams in the past and i really hope this is a step towards more strict regulations on how to conduct an ICO.