PYMNTS.com had already announced that European bitcoin exchange Bitcoin Central has become the first virtual currency exchange to receive a license to work with a bank, But what does Bitcoin’s partnership with Aqoba and Credit Mutuel Arkéa mean for the future of the currency?
Bitcoin is known for its anonymous and unregulated nature, will now be under French regulation through its agreement, via parent-company Paymium, with payments service provider Aqoba. Aqoba handles payments via French bank Credit Mutuel Arkéa, which will “carry the burden of capital requirements” and “provide a guarantee for deposits in fiat currency,” says Pierre Noizat, co-founder of Paymium, speaking to PaymentsSource.
This agreement will allow Bitcoin Central’s 20,000 user to open an account with Aqoba, in which they will be able to keep euros to use for transactions in the bitcoin exchange. Paymium’s founder Gonzague Grandval sees this agreement as a great victory for bitcoin and Bitcoin Central as it will mean they are 100% legal in terms of European regulation.
his does not mean that clients will have a bitcoin account in a French bank. It is simply an account to desposit money to carry out bitcoin transactions. It would be impossible for customers to use this account to pay for bills or pay for everyday purchases. However the agreement will provide stability to the exchange and covers consumers by the state issued insurance, “Garantie des depôts”.
Despite the limited use of the account it marks a step in the direction of the mainstream for bitcoin. It will be interesting to see how regularory bodies such as the ECB react to the news.
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