Canada is home to the world’s largest bitcoin trading market, but it also holds a special place in the hearts of crypto-currency fans.
Bitcoin is the second-largest cryptocurrency after Ethereum, and its price is climbing, with a $100 increase in a day on Thursday alone.
And the cryptocurrency has been gaining momentum in Canada, where it has gained nearly 1,000 per cent since its November launch.
But the cryptocurrency is still not accepted in Canada.
While it is illegal to own the currency, its value has not increased.
The cryptocurrency is traded in Canada through a virtual currency called Bitcoin, which can be traded on cryptocurrency exchanges such as CoinTerra.
But Canada’s Bitcoin exchange site, CoinTerrapins, has yet to accept the cryptocurrency.
The news that CoinTerran has yet a Bitcoin-friendly exchange site also comes as the price of Bitcoin continues to soar.
Its value has soared to $1,734.20 ($16,500) on CoinTerras exchange, according to CoinTerrain.ca, a Bitcoin price tracker.
That compares to a $3,700 gain on Cointerra in November.
At a news conference Thursday, the Canadian government announced that it would ban the virtual currency in Canada starting Jan. 1.
The announcement was welcomed by many in the crypto-economy, but many Canadians are not ready to see the crypto currency banned.
A recent report by Bloomberg found that Canadian cryptocurrency users are less confident in the future of the cryptocurrency than people in the United States, which has seen a surge in adoption of the technology.
The U.S. Federal Reserve has signaled it may lift its “zero tolerance” policy against the virtual currencies as part of a wider effort to encourage a more transparent financial system.
The policy could affect the cryptocurrency markets.
In a statement, Cointerras co-founder and CEO John Schoenfield said he was hopeful that the cryptocurrency will be banned in Canada by Jan. 3.
But Canadian cryptocurrency enthusiasts said the announcement by the government does not go far enough.
“Canada has the potential to become the world leader in crypto-currencies,” said Mark Stelten, founder of the Canadian Bitcoin Foundation.
“The new rules don’t go far.”
Canadian-based Bitcoin exchanges and services such as CoinsTerra, BitFlyer, and BitCointra, which accept Bitcoin, do not accept Bitcoin in the country.
Canadian bitcoin enthusiasts are hoping to see a ban on the cryptocurrency come into effect by Jan 3, though.
“It’s just a slap on the wrist,” said Schoenfels, who has owned bitcoin since 2007.
“I don’t think that should be happening.
It should be a warning to everyone to be careful about their money.”
Canadian bitcoin users also expressed disappointment that the government would allow Bitcoin to be traded in the first place.
“I just feel like the whole thing is just stupid,” said Brian Haggarty, a Toronto resident who owns BitCintra and CoinsTerrapin.
“You should be able to get a Bitcoin exchange in Canada right now.
We are getting there.
I’m excited.”
According to Cointera, Canada has more than 3,000 bitcoin-related companies, trading about $4.5 billion in digital currency trades in 2016.
The company is working on adding more to the list.
The number of Bitcoin trading platforms has grown dramatically in Canada since the November launch, according.
In November, more than 100 companies were trading Bitcoin on CoinBase.ca.
And now there are more than 50 companies, according Toorak-based company Crypto Currency Group.
“This is just going to make it worse,” said Haggart, who owns two BitCats and owns a Bitcoin mining rig.
“This is going to take away from all the other things that Bitcoin is known for, and that is the innovation and the ability to transact in the world around you.”
Bitcoin has attracted attention in the past year as a way to circumvent foreign exchange restrictions, including the U.K.’s BitStamp exchange.
The United States has also become an active Bitcoin user, with several exchanges listing Bitcoin in their listings.
A U.N. investigation in October revealed the existence of a massive Bitcoin scam that involved an online gambling site and dozens of individuals who allegedly used their money to purchase Bitcoin.
The website was shut down by the FBI in December.
CoinTerra CEO Stelter said the new regulation could lead to a drop in Bitcoin usage in Canada in the near future.
“We hope the government will consider that, but we are not going to be deterred,” he said.
“We think Canada is poised to become a major Bitcoin hub.”
“There’s a lot of excitement going on around the world in the bitcoin community right now,” said Stelting.
“Canada has a lot to offer.
It’s a place to live, a place that’s growing rapidly, and we want to be a part of that
