The price of Bitcoin is soaring again after the US government announced that it will ban online sales of cryptocurrency in the US.
The news came after the Federal Reserve last week said that the price of the digital currency would be frozen starting January 1.
Spahcoin, which is owned by the Austrian-based Bitfury, has been a favorite among Bitcoin enthusiasts, as it allows for transactions to be made without the need for a bank account or credit card.
According to its website, Spahcoin is a decentralized platform that provides its users with the ability to buy and sell digital currency in a safe and secure way, without the risk of losing their coins.
“It’s not a currency, but a system that allows for digital money transfers in a secure and decentralized manner,” said David DeGroot, a senior research analyst with research firm CB Insights.
The platform is currently trading at $2,900.
At the moment, the average price of a Spah coin is $0.12, according to Bitcoin price data site CoinDesk.
However, this price has risen significantly since December when SpahCoin began trading on the popular exchange Bitstamp, where it reached an all-time high of $5,200.
On Monday, Spahs price dropped to $1,879 on Bitstamps marketplace.
The currency was originally created by Austrian economist Andreas Antonopoulos in 2014.
Antonopoulos is now a member of the Bitcoin Foundation and serves as its chair.
Antonopoulos said in a statement that the Bitcoin community has been “taken by surprise” by the news and the company will be making the necessary adjustments to ensure that all users can continue using their Spah coins.
However the news has already drawn controversy.
On Reddit, users have been debating whether or not Spah is legal, and whether or, if so, what the repercussions could be for those that sell and use the cryptocurrency.
While there are some users who believe the currency is legal and legitimate, others believe the price should be kept artificially low, and that it could be used to hide criminal activity.
The Bitcoin community, however, has spoken up against such speculations, and the site’s administrators have said that Spah should be a currency that everyone can use.
“The Spah platform is a digital wallet that allows anyone to transact in Bitcoin without needing to create a bank or an account, or trust third parties,” the company said in its announcement.
“There is no fee to trade Spah.
Transactions are instant and can be conducted instantly, without any middleman or third parties.”