On Sept. 24, during Paris Retail Week, Cryptoglobe — a French crypto news outlet — reported that more 25,000 sales points for 30 French retailers — including Sephora cosmetics store and Decathlon, sportswear giant — will have support for Bitcoin payments by early 2020.
Notably, the partnership between Global POS (point-of-sale technology provider), Easy2Play (payments platform) and the EasyWallet application facilitated the launching of the new cryptocurrency payments system. At the moment of sale, funds will be automatically converted into euros even though payments will be made in Bitcoin.
Two partners who have presently applied for Digital Asset Service Provider accreditations under France’s PACTE Act, Savitar and Deskoin, have provided conversion services.
Besides Sephora and Decathlon, the initiative has attracted other well-known retailers including World House, Norauto, Cultura, Maisons du Monde and Intersport.
In addition, the CEO and founder of Global POS Stéphane Djiane even proposed the following statement proposing:
“This is an important symbolic step in the evolution of payment methods in France. However, more than a symbol, what we bring to 25,000 outlets is the ability to safely enter the world of Economy 3.0.”
Altcoins to follow bitcoin
The initiative aims to expand cryptocurrency dominance beyond the present estimated 4 million French crypto owners through facilitating consumers to use their crypto holdings at legalized and regulated physical retail locations.
In the future, the platform intends to roll out support for altcoins instead of solely relying on bitcoin according to Dijane.
Despite mixed messages from the central bank and local regulators, a couple of tobaccos shops in Paris began selling Bitcoin In January of this year.