Bitcoin Might Not Be Smoking Anymore

Last week we did an article titled Bitcoin Is Smoking in which we talked about how thousands of tobacco shops in France will begin to sell Bitcoin coupons from 1st January next year.

In case you missed it you can catch up on what we discussed here but to sum up, at the start of 2019 there will be thousands of point of sales which will be selling Bitcoin throughout the country of France.

However, it has now been reported that the Central Bank of France and its local financial market regulator, the AMF (Autorité des marchés financiers) aren’t happy about the prospect of having thousands of tobacco sell Bitcoin and Ethernet coupons to the public.

The statement says:

“[In light of recent announcements to offer cryptocurrency coupons in tobacco stores,] the AMF, the Bank of France, and the French Prudential Supervision and Resolution Authority warn that the acts of purchasing, selling, and investing in Bitcoin are currently carried out outside any regulated market.”

The AMF also took time to remind consumers that it doesn’t make sense to use a coupon to purchase Bitcoin or Ethereum since cryptocurrencies digital assets.

The AMF went on to say that:

“Bitcoin is a type of asset, sometimes referred to as virtual ‘currencies’ or ‘cryptocurrencies,’ which currently exists in the world. It is exchanged online and is not directly linked to a physical coin or a bill. It does not benefit from a legal tender, unlike the currencies issued by central banks.”

As reported by The Next Web, indeed, each coupon will include a 7 percent commission as part of the price so they are right. Instead of buying a coupon anyone can obtain Bitcoin or Ethereum from a specialised cryptocurrency exchange desk. Despite this, you will still be paying a small fee but it won’t be anywhere near 7 percent.

The AMF also had some reservations about how legitimate the firm that was responsible for handling the coupons, KEPLERK.

“[The distribution of the coupons will be handled] by a public limited company – PAYSAFEBIT SASU with a capital of €50,000, using the trade name KEPLERK – which does not have any authorization or approval by a French or foreign authority, and is not likely to provide any guarantee to the customer base.”

What are your thoughts? Let us know what you think down below in the comments!