The success of bitcoin is highly correlated with its wide acceptance and mass adoption. One of the first countries to establish a crypto framework, France has taken another step to make cryptocurrencies mainstream. According to the plans revealed at the Paris Retail Week, about 30 brands in France will allow bitcoin payments. Consequently, by next year, as much as 25,000 sales of points will facilitate customers by allowing them to make payments via bitcoin.
The latest development which resulted due to the collaboration of Easy2Play, Global POS and EasyWallet app is expected to impact 4 million crypto users based in France. While the aforementioned members are expected to provide the facility of bitcoin payments, Deskoin and Savitar will be helping retailers with bitcoin conversions. With the assistance provided by Deskoin and Savitar, bitcoin paid to retailers will be converted to euros at the moment of sale.
Renowned brands such as Decathlon and Sephora are among 30 enlisted brands who will accept bitcoin payments. Apart from them, Cultura, Boulanger, Conforama, World House, Intersport, Norauto and Foot Locker will also accept bitcoin payments by 2020.
About 6.7% population in France is using cryptocurrencies. Following the collab of Global POS with others, emphasized is laid on constructing a comfortable environment for local crypto users. On the latest development, co-founder of the brand Whiskers, Gregory Hervein, said:
The acceptance of cryptocurrencies is a real challenge for retailers, we are aware of the expectations of the public and the scope of the message we send to a whole community. We are happy to be able to make this ecosystem more concrete for consumers and to enter the crypto-economy in a legal framework.
As cryptocurrencies such as bitcoin are extremely volatile, challenges and risks faced by retailers are very obvious. As witnessed in the past, the price of bitcoin dropped down substantially after the world’s first decentralized cryptocurrency attained its all-time high (ATH) in 2017. This explains that retailers are always on the verge of losing profits or even facing losses if bitcoin’s price drops sharply. Therefore, to prevent damages due to the volatile nature of bitcoin, Deskoin and Savitar will immediately convert bitcoin payments into the national fiat currency of France, Euro.
Although all the members are planning to make bitcoin payments feasible, later, efforts will be devoted to allowing altcoin payments as well. Elaborating on the future goals, Stéphane Djiane, CEO and founder of Global POS, said:
With our partners, we want to simplify the adoption of cryptocurrencies as a real means of payment within the framework defined by the law. If, initially, the service we offer will only allow the use of bitcoins, our goal is to open our solution to other cryptocurrencies in the future.
French companies had supported bitcoin for a long time. Previously, at the beginning of 2019, due to efforts of fintech group Keplerk, several tobacco shops started selling bitcoin to locals. Following the services provided by Keplerk, a French cryptocurrency wallet provider, people were able to buy bitcoin with 50, 100 or 250 euros.
Actually, upon paying money at tobacco shops, customers received some ticket vouchers that could be redeemed against bitcoin at the company’s website. At that time, although the government didn’t regulate bitcoin, there was no strict governmental response against services provided by Keplerk.
Among a handful of countries, France devised its crypto bill and came up with its crypto regulatory in April 2019. The country was so confident in its model adopted for cryptocurrencies and blockchain that the prime minister of France invited other European Union (EU) countries to follow in its footsteps. A few weeks ago, the country waived off all taxation imposed on crypto to crypto tradings to provide relief to crypto users.
While the country had been lately advocating cryptocurrencies such as bitcoin, the same gratitude wasn’t shown to Facebook’s crypto project, Libra. France’s Finance Minister, Bruno Le Maire, showed severe opposition to Libra while regarding is as a risk to the sovereignty of governments. Therefore, he rejected Libra completely and said that Libra shouldn’t be authorized in the European region.
For now, the government of France had cheered bitcoin investors and enthusiasts by allowing bitcoin payments. In 2020, people living in France will experience bitcoin as a medium of exchange rather than a store of value. Although the plan of making bitcoin payments common seems to immutable, let’s see if the price of bitcoin impacts the course planned by the government and companies of France.