Tuesday, June 25, 2019

Tobacco Stores in France to Sell Bitcoin in 2019

There are hopes that tobacco stores in France will sell Bitcoin from Point of Sale (POS) terminals. The sale is expected to begin in 2019 and over 3,000 stores in the country will be able to sell this cryptocurrency. The French Fintech company, Kerplek is in support. It believes that these stores are the best channel since they are trusted by customers.

Tobacco Stores to Sell Bitcoin From POS Terminals

Tabacs as these stores are called, operate 13 hours a day and seven days a week. It appears that soon, they will be known for something else other than tobacco. Now, they’ll be providing a means for everyday users of a crypto asset to make purchases. Bitcoin will be sold at POS terminals located in these stores.

The terminals were provided by a firm known as Bimedia who is also in partnership with KerplerK cryptocurrency platform. Right from these POS locations, customers will be able to pay for the digital currency and then redeem it on a website using a coupon. It is said that there are 3,000  to 4000 Tabacs in the country. Each can sell Bitcoins in amounts such as 50, 100, and 250 euros.

Central Bank Says it Has Not Endorsed Sales of Bitcoins

The Autorité de Contrôle Prudentiel et de Résolution (ACPR) granted these shops approval. This is an institution that regulates the operation of banks and insurance companies in the country. It is also worthy to note that, the central bank has commented that this approval did not come from them and it does not also supervise the Keplerk’s initiative.

Nevertheless, Phillipe Coy, President of the Confederation of Tobacco shops said that one more way of allowing shop owners to monetize their shop was with the sale of Bitcoins. For this reason, the trading of this virtual currency was approved by the ACPR. He also added that this “brings us closer to modern times of consumption”.

Global Regulations to Govern the Operation of Crypto Industry

Recently, Bruno Le Maire, France Finance Minister was of the opinion that the G20 (Group of Twenty) needs to make a decision on the regulations that should govern Bitcoin. This will inform member countries on guidelines that should be put in place. Accordingly, France may use a global regulatory network instead of relying on its own.

With news like this, more countries are gradually accepting cryptocurrency and Blockchain technology. Recently it was reported that Malaysia has developed a system that will allow degree certificates to be stored and validated on the Blockchain. In the same vein, a Chinese boutique bank has made plans to facilitate its services with the use of Blockchain.


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