Election season is upon China, as the 19th National Congress of the Communist Party of China kicks off this Wednesday, Oct. 17th. And—in light of the regulatory uncertainty cryptocurrencies currently face in the nation—crypto is set to be a central point of contention between conservative and progressive candidates in the CCP.
While it’s believed General Secretary Xi Jinping will retain his position as party leader, experts agree the 19th Congress will likely see a great deal of reshuffling of the CCP’s other top- and mid-level officials.
This reshuffling, then, could have major ramifications for the ongoing ban on exchanges and Initial Coin Offerings in the nation.
That’s because the repeal or renewal of these bans undoubtedly depends on whether progressives or conservatives win more seats at the congress.
For their part, progressive factions in the CCP have taken up the cause of liberalizing access to cryptocurrencies, as doing so is in line with their vision of loosening governmental control over the Chinese economy.
Conversely, the conservative faction in the CCP is very much anti-Bitcoin, believing that cryptocurrencies pose an existential threat to China’s traditionalist, central-planning governance model.
The 19th National Congress of the Communist Party of China is coming up, opening on 18th Oct 2017. The elections are going to be very influential since 5/7 leaders will most likely retire. Possible leaders like Liu He will regulate and influence the crypto market. @NEOnewstoday
— Brad Laurie (@Brad_Laurie) October 15, 2017
Indeed, many analysts familiar with Chinese politics consider the recent ban on ICOs and exchanges in the nation to be a bona fide “power play” by the conservative CCP faction against their progressive counterparts.
Depending on which way the elections tilt, then, what comes next is fairly predictable.
FUD will likely sag the crypto market down if conservatives consolidate power in the CCP. On the other hand, new all-time crypto price highs are likely in the short- and mid-term if the progressives gain the upper hand.
Join the conversation on r/ethtrader: http://cryptoanaly.st/howth951e
TLDR: It’s election season in China, and the stakes are high for crypto. Two factions are battling it out to determine the future of cryptocurrencies in the nation while the world watches closely.