In France, bitcoins are not money

French regulator on financial markets has issued a letter about bitcoins and cryptocurrency

In a letter issued by the regulator on December 4, it is indicated that the cost of Bitcoin has increased greatly in recent weeks, and the regulator receives a lot issues related to investing in cryptocurrency. Sale of cryptocurrency today takes place at sites that are not regulated by the state. Therefore, investors' risks associated with high volatility and losses from investments in cryptocurrency are very high and are not covered by any guarantee mechanisms that are usually offered by the government when investing in a regulated market.

Also, the letter states that Bitcoin and other crypto assets are not recognized as financial instruments and therefore are not controlled by the French regulator. In addition, they cannot be qualified as cash or payment instruments from a legal point of view. Therefore, they are not subject to the rules and requirements relating to cash. In general, the regulator recommends treating bitcoins and crypto assets with extreme caution, although it acknowledges that they belong to innovative technologies.