French financial authority warns about the sale of Bitcoins in tobacco shops.
The Financial Markets Authority (AMF) of France issued a warning to the public about the project that will offer the sale of bitcoin in cigarette shops. The official notice was released by the regulator on Monday, November 26.
In the statement, the AMF referred to the recently announced plan of the crypto active company KeplerK, which achieved an alliance with a network of between 3,000 and 4,000 tobacco shops throughout France. The project is based on an agreement with the Fédération des Buralistes (Federation of Estancos), which groups this type of business. From the first January 2019, the tobacconists will offer the public Bitcoin coupons that can be exchanged for cryptocurrencies on the KeplerK website.
Together with the Central Bank of France and the Prudential Supervision and Resolution Authority (ACPR), the AMF reminded the public that there are risks associated with bitcoin investment (BTC) for inexperienced investors. In addition, he pointed out that cryptoactives are outside any regulated market.
“Bitcoin is one of the assets, sometimes erroneously referred to as virtual ‘currencies’ or ‘cryptocurrencies’, which currently exist in the world. It is exchanged online and does not materialize with any currency or ticket. It does not benefit from a legal currency unlike the currencies issued by central banks, “the statement said. He also referred to the high volatility of the market for cryptographic assets and the risks of cyber attacks on bitcoin portfolios.
It should be mentioned that, according to local media, the Fédération des Buralistes received authorization from the ACPR, an independent entity attached to the Central Bank of France, to develop this project. In this sense, the source mentioned a report of July 4 of this year, which states that the commercialization of cryptocurrencies is inevitable. “The correct approach is to let the cryptocurrencies and the innovations they cause develop in the virtual space they occupy,” Europe1 cites. Even so, the ACPR is one of the signatory institutions of the warning statement.
For its part, La Banque de France (the French Central Bank), completely demarcated the aforementioned plan and issued a denial, which states that it did not sign any agreement for the sale of bitcoins in the tobacconists.
Regarding the company that announced the plan to sell bitcoins, the AMF indicated that it is a public limited company called PAYSAFEBIT SASU. The company, which uses the commercial name of KeplerK, has a capital of 50,000 euros. The statement indicates that the company “has no authorization or approval from a French or foreign authority.”
According to its LinkedIn page, KeplerK was founded in 2018 as a technological and commercial development platform, focused on processes and products for the use and acquisition of cryptocurrencies.
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