Having felt China’s influence before, this week it is important to keep an eye on the communist state as they gear up for their 19th National Congress of the Communist Party of China (CPC).
This form of elections essentially for the totalitarian party will see some reshuffling and power plays between top officials who either fall on the conservative side, or the progressive. In the middle is Bitcoin, and it is being used as a powerful political pawn.
Held every five years, the party congress elects the party’s top officials. It is also a forum for a showdown between the conservative forces of the party, which want to preserve the old system of central planning and state ownership and control of key industries - including banking - and the progressive forces, which want to limit government ownership and control of the economy.
"Understandably then Bitcoin is the new hammer and sickle of the progressive group while it flies in the face of the conservative traditionalists. This, many believed, is why it was banned in the first place, as a power play by the traditionalists."
Full story at http://bit.ly/2xP0xK8
Source: CoinTelegraph
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