According to a French cryptocurrency news media ‘Cryptonews’, 30 retail companies will implement Bitcoin payments in more than 25,000 stores starting from 2020, including popular brands such as Sephora, Decathlon, Intersport, and Cultura. The announcement was made during the Paris Retail Week, which commenced on the 24th of September.
With the introduction of a new crypto payment system named Easy2Play, French citizens will be able to pay for items in Bitcoin, which will be immediately converted to fiat currencies such as the Euro. The payment system adheres to the current legal framework defined by the PACTE law.
The Easy2Play platform collaborates with the POS service provider ‘Global POS’ and works with the help of the platform’s wallet application named EasyWallet. Additionally, the platform partnered with Deskoin and Savitar, two conversion services. Both of the companies submitted a request for a Digital Asset Service Provider license, which is managed and issued by the PACTE law.
Crypto Adoption Remains A Challenge
According to the report from Cryptonews, cofounder of the French ‘Moustaches’ brand Gregory Hervein stated that ‘the adoption of cryptocurrencies is a real challenge for retailers.’ Hervein stated that retailers in France are happy to enable this ecosystem and to integrate it into a legal framework.
The CEO of Global POS, Stéphane Djiane, stated that the introduction of cryptocurrency payments is a ‘symbolic step’ for the evolution of payment methods in France. He added that the decision to create 25,000 Crypto POS in France is the next step towards entering the Economy 3.0.
According to the currently available information, Bitcoin will be the only digital asset that can be used for payments. However, the Global POS CEO stated that they will introduce support for altcoins in the future.
Research from EasyWallet shows that there are around four million French citizens who own cryptocurrencies. By creating legal frameworks and tools that bring a real use case in the real world, one of the largest countries in the European Union is one step closer towards widespread adoption.
France is one of the rare nations in Europe that actively strive for cryptocurrency adoption. Starting from January this year, French ‘Tobacco Shops’ started to sell Bitcoin for fiat currencies, despite having an uncertain regulatory framework at the time. In a pilot project led by French wallet provider Keplerk, up to 24 tobacco shops have participated in the experiment.
The experiment initially struggled due to receiving mixed messages from the Central bank, who denied the previous announcement that France’s tobacco federation received a license for trading Bitcoins in their store.
Global POS Integration
The solution developed by Global POS and its partners were created according to the legal framework in France defined by the PACTE law. According to the law, stores that implement the payment method will not be affected as the Easy2Play platform will be in charge of converting cryptocurrencies into euros.
Global POS relied on sector leaders such as Ekino, Octo Technology, Smartchain, Havas Blockchain, and Fidal. As for cryptocurrency into fiat conversion, Global POS partnered with Deskoin and Savitar.