French Tobacco Retailers to Sell Bitcoin From January

Tobacconists in France are reportedly going to be selling bitcoin vouchers to the public from New Year.

AccessTimeIconNov 22, 2018 at 10:00 a.m. UTC
Updated Sep 14, 2021 at 1:53 p.m. UTC

Tobacconists in France are reportedly going to be selling bitcoin to the public from New Year.

According to France-based radio station Europe 1, tobacco retailers will be offering bitcoin vouchers in denominations of 50, 100 or 250 euros (around $57, $114 or $285) from Jan. 1, 2019.

Local crypto startup Keplerk is said to have signed a deal with a cash register software provider to facilitate the scheme. Keplerk will allow customers to convert their vouchers into bitcoin and store it in wallets on its platform.

Initially, some 3,000–4,000 tobacco shops will be selling the vouchers, with others likely to be added later on, the report states.

“Tobacco shop owners are the best channel as they are trusted by customers and they are used to sell vouchers such as credit for mobile phones,” Adil Zakhar, Keplerk’s director for strategy and development, was quoted as saying by Reuters.

Keplerk will charge 7 percent commission on transactions to fund the operation, the news source adds.

The French central bank issued a statement Wednesday, denying some reports that it has signed no agreement with tobacconists to allow the sale of bitcoin. It further warned that cryptocurrencies are “purely speculative and are not currencies” and that those who wish to invest in bitcoin or any other cryptocurrency “do it entirely at their own risk.”

There are 25,000 tobacco outlets across France, according to the tobacconist federation's website, potentially making bitcoin widely available if the scheme is a success.

The news comes as bitcoin is experiencing a significant downturn in prices. The oldest and largest cryptocurrency by market value, which peaked at nearly $20,000 last December, is trading around $4,500 currently after losing around $1,000 in less than a week.

Tobacco shop sign image via Shutterstock

DISCLOSURE

Please note that our privacy policy, terms of use, cookies, and do not sell my personal information has been updated.

The leader in news and information on cryptocurrency, digital assets and the future of money, CoinDesk is a media outlet that strives for the highest journalistic standards and abides by a strict set of editorial policies. CoinDesk is an independent operating subsidiary of Digital Currency Group, which invests in cryptocurrencies and blockchain startups. As part of their compensation, certain CoinDesk employees, including editorial employees, may receive exposure to DCG equity in the form of stock appreciation rights, which vest over a multi-year period. CoinDesk journalists are not allowed to purchase stock outright in DCG.

Trending

1
CoinDesk - Unknown
A New Chapter of Web3: Solana Unveils Smartphone ‘Saga’; Moody’s Downgrades Coinbase

The most valuable crypto stories for Friday, June 24, 2022.

CoinDesk - Unknown
2
CoinDesk - Unknown
How Are Institutions and Companies Investing in Crypto?

From putting bitcoin on their balance sheets to setting up shop in the metaverse, the ways brands and institutions are investing in cryptocurrencies continues to expand.

CoinDesk - Unknown
3
CoinDesk - Unknown
Consensus 2022: Hollywood, Colleges, Conferences vs. Crypto

The state of crypto and economics live from Consensus 2022 in Austin, Texas.

CoinDesk - Unknown
4
CoinDesk - Unknown
Bitcoin se estabiliza cerca de $21K; inversores esperan evitar otra caída el fin de semana

Los analistas se cuestionan si BTC podrá mantenerse por encima del umbral de $20.000 en un clima de desconfianza entre los inversores.

CoinDesk - Unknown