France: 27,000 retail stores can sell Bitcoin from next year

A French regulator has agreed to allow French “tobacco shops” to sell Bitcoin over the counter, CryptoCoinSpy reported Nov. 21, a move that will undoubtedly boost Bitcoin adoption among the general public.

In France, so-called "tobacco shops" are actually convenience stores that sell a wide variety of goods to local residents. These small shops are vital to the daily lives of French people, especially in small towns and villages, and they also have an alliance that has a strong influence on the government - the Tobacco Shops Union.

(Image source: pxhere)

The move to allow the sale of Bitcoin in “tobacco shops” was allegedly introduced almost as a peace agreement to compensate the government for plans to increase tobacco prices in the coming years (a development that aims to push the price of a pack of cigarettes up to 10 euros). The French government and the tobacco shop union held discussions and negotiations in the face of strike threats from the union and in order to avoid losing millions of euros in tax revenue to the government.

The system that the French government allows stores to sell Bitcoin will be piloted in about 4,000 stores starting in early 2019. The software will facilitate customers to buy small Bitcoin receipts ranging from 50 euros to 250 euros, which they will then convert into Bitcoin through a website associated with the software. If the trial is successful, the software system will be rolled out to the remaining 23,000 stores across France.

There is no doubt that if this system can become popular in France, it will attract the interest of ordinary investors who were previously unable or unwilling to learn about cryptocurrencies. It is crucial that the cryptocurrency field brings confidence to new investors in the current situation where the market situation is taking a sharp turn.