Vladimir Putin, the President of Russia has recently triggered and caused the resignation of his entire cabinet after laying out plans for Russia’s future political plan. Reportedly, the political change has also spiked Bitcoin’s price as the cryptocurrency began trading at a premium on Russian exchanges.
Putin, whose rule has extended over 20 years has proposed constitutional changes by allowing more power to shift to the State Duma. Many citizens believe that through the changes, it would be possible for the President to keep extending his 20-year run as both President and Prime Minister.
Notably, cryptocurrency Bitcoin (BTC) and other coins are widely used and acquired in Russia, due to post-communism transition. In addition, the country is currently in the process of voting in law to establish the status of digital assets, with the regulations expected to be finalized during spring this year.
Thus, during this uncertainty period and with the news of a cabinet crisis, bitcoin market prices were immediately reflected in one of the most prominent Russian exchanges, Exmo with a price of $9,024, while overall prices remain around $8,814 on Wednesday.
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Nurul is an English Language graduate who is highly passionate on writing, she literally breathes on it. An avid reader and a critical thinker, she covers on blockchain news during day and weeps at sad novels at night.