The province of Newfoundland and Labrador has been the focus of an international bitcoin exchange since the company started accepting bitcoin in December 2016.
The Newfoundland and Maritime government announced it would start accepting bitcoin payments in January 2017 and has so far received about $30,000 worth of bitcoins.
The province is still waiting for the final government approval before it can start accepting payments from the virtual currency, but the province has made it clear that it will not be the last.
As the company prepares to begin accepting bitcoin, the province is also planning to launch its own exchange, the Newfoundland and British Columbia Bit Exchange.
The exchange will be the first in the province and will accept bitcoin payments as well as credit and debit cards.
Newfoundland and Labrador’s Bit Exchange, or Bex, is scheduled to open later this year and will allow users to send and receive bitcoins in a single location.
The government is also aiming to launch an exchange in Canada’s second-largest city, Toronto, and is working on setting up bitcoin ATMs and payment processing centers.
“There’s an obvious opportunity here, which is in the bitcoin industry, to get a really large number of people to participate in bitcoin transactions,” said Bex co-founder Daniel DeBolt.
“It’s not like the banks are getting into it.
There’s a lot of money to be made.”
DeBortts co-founders are also looking to launch a bitcoin debit card, similar to those in the United States and the United Kingdom, but with a twist.
Bitcoin debit cards are a popular way to get around the banking system and offer a secure way to pay for purchases.
A debit card is a card that can be used to pay with bitcoin, which allows for the instant transfer of funds.
DeBors co-workers believe they will be able to expand the company’s offerings and have more bitcoin options available to them.
“We have a lot more things in the pipeline,” DeBorts said.
“We’re planning to do more partnerships and more services.
We’ll be launching a bitcoin ATM service and a bitcoin payment service in 2018.”
For now, DeBordts hopes that Newfoundland and Canadian residents will be interested in his company’s services and will start taking bitcoin payments when Bex opens.
In an interview with CoinDesk, De Bortts said that bitcoin payments will help the province’s economy.
“The most important thing is the economy of Newfoundland is going to improve,” De Bolt said.
“It’s very important for the government to embrace this new technology.”
The cryptocurrency industry is growing rapidly and has attracted many people looking for ways to use bitcoin, said Brian Armstrong, chief operating officer at cryptocurrency exchange Kraken.
He told CoinDesk that the province was “a great place to launch” Bex and that people should be aware that there are still regulatory hurdles to cross before a bitcoin exchange opens.
“There are still things to work out.
But we’re very excited about Newfoundland, the country and the opportunity,” Armstrong said.