Bitcoin-Central Gets French Approval to Operate as a Bank

By Friday, December 7, 2012 0 , Permalink 0

The exchange managed to gain the status of a real bank after it received new approvals from French regulators. User will be able to make deposits in euros, convert them to Bitcoins and vice versa, and their accounts will be tied with the French banking system. They will also receive debit cards through which they will be able to spend Bitcoins at retail establishments.

Paymium run Bitcoin-Central, along with France based payment processor Aqoba and bank Credit Mutuel has created the payment system based on Bitcoins. The deposits made by customers will be insured by Garantie des depots notes the Bitcointalk forum. There is no word about the date when the service will be launched but, as the approvals have been received, it shouldn’t be wrong to assume that Bitcoins will find mainstream usage very soon.

One of the main differences between Bitcoin and current currencies is that the virtual currency is not governed by any regulatory body and that it is mined instead of being printed by federal reserves and other official government agencies. Hacking attempts on Bitcoin exchanges and theft of Bitcoins is a common occurrence and because of absence of any governing body the virtual currency hasn’t found main stream adoption.