They will fall under the European Union regulatory body but they are open to international clients so no matter where you live you can now open the equivalent of a European bank account (assuming your government allows it).
If you look at the story on BitcoinTalk you will find quite a few advantages to this move but a short list of advantages to this are;-
* Non bitcoin Deposits stored in individual Credit Mutuel accounts.
* An IBAN Number will be issued within the next few months.
* Non bitcoin deposits 100% guaranteed by the French Government.
* You will soon be able to get a Debit Card issued.
* You will be able to use your BTC with your Bitcoin-Central Debit Card.
As with any new service there are downsides, the one that I can see most bitcoin users borking at is to take full advantage of the service you must positively identify yourself with a scan of a government-issued photographic identification document (Passport, National ID Card, Driver’s License etc..). While this is not an issue for most bitcoiners quite a few value their anonymity and it also opens a new avenue for Identity Theft.
It seems to me that Bitcoin-Central has just gained a step ahead of the other bitcoin exchanges."
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