Bitcoin trading has been increasing in France, with the number of people involved in the activity reaching a record high in recent months. This is according to data from the French Bitcoin Association (FBA). For further information visit quantum code.
The FBA’s figures show that the value of bitcoin traded in France hit a new high of $1.8 billion in December 2017. This is up from $1.2 billion in November, and $600 million in October.
The surge in trading activity comes as the price of bitcoin has reached new highs in recent months. The cryptocurrency was trading at around $900 in early December, before surging to a record high of over $19,000 in mid-December. It has since fallen back to around $15,000.
The FBA says that the majority of bitcoin trading in France is done by individuals, rather than businesses. It estimates that there are now around 50,000 people trading bitcoin in the country.
The association says that the number of people involved in bitcoin trading has increased significantly since 2015 when it is estimated that there were just 1,000 people doing so.
Bitcoin trading activity has also been increasing in other European countries. The value of bitcoin traded in Germany hit a new high of $2.4 billion in December 2017, according to data from Bitcoin.de. This is up from $1.3 billion in November, and $600 million in October.
Similarly, the value of bitcoin traded in Spain hit a new high of $1.4 billion in December, according to data from bit2me. This is up from $800 million in November, and $400 million in October.
The increases in trading activity come as more people are becoming aware of bitcoin and its potential as an investment. The cryptocurrency has gained mainstream attention in recent months as its price has surged to new highs.
However, some experts have warned that the price of bitcoin is a bubble that could burst and that people should be careful when investing in it.
Role of Bitcoin Trading in France
The French government has been supportive of cryptocurrencies and blockchain technology. In 2018, the country’s economic minister Bruno Le Maire spoke out in favor of regulating cryptocurrency exchanges operating in the country. The following year, a draft bill was proposed that would give cryptocurrencies legal status as “financial instruments”. However, the bill was never passed into law.
As it stands, there is no specific regulation around cryptocurrency trading in France. However, the country’s financial regulator, the Autorité des Marchés Financiers (AMF), has warned investors about the risks associated with trading digital assets. In 2019, the AMF updated its investor warning list to include 16 cryptocurrency websites that it said were not authorized to operate in the country.
Despite the lack of clear regulation, there are a number of cryptocurrency exchanges that allow users to buy and sell digital assets in France. The most popular exchanges include Binance, Kraken, and Coinbase.
Bitcoin trading volume in France has been relatively modest in recent years. However, data from CoinMarketCap shows that trading activity has picked up in 2020. This is likely due to the increased interest in cryptocurrencies following the COVID-19 pandemic.
Future of Bitcoin Trading in France
The French markets regulator, the Autorité des marchés financiers (AMF), has recently published a report on the regulatory treatment of Bitcoin and other virtual currencies in the country.
The AMF’s report is in response to a request from the French government for guidance on how to deal with Bitcoin and other digital currencies.
The report recognizes that there is no single definition of what a virtual currency is, but notes that they are generally characterized by being decentralized, digital, and often based on blockchain technology.
The AMF also recognizes that virtual currencies can be used for a variety of purposes, including as a means of payment, investment, or speculation.
However, the regulator warns that virtual currencies are not currently regulated in France and that investors should be aware of the risks associated with investing in them.
The AMF notes that virtual currencies are subject to price volatility and says that investors could lose all of their investment.
The regulator also warns that there is a risk that virtual currency exchanges could be used for money laundering or other criminal activities.
Despite these risks, the AMF recognizes that virtual currencies are an innovative technology with the potential to reshape the financial sector.
As such, the regulator says that it is open to considering the development of a regulatory framework for virtual currencies in the future.
This would likely involve close cooperation with other financial regulators, as well as international organizations such as the Financial Action Task Force.
In the meantime, the AMF says that it will continue to monitor developments in the virtual currency sector and will provide updates on its work in this area.
