Bitcoin-Central has reached an agreement with French payment processor Acoba and France’s Credit Mutuel bank to become a payment service provider. This will allow Bitcoin-Central to function much like a bank. it’s the first exchange of the digital currency to be licensed to operate as a bank and function within the framework of European regulations. Customers will now have funds held under their name — rather than that of the exchange — at Credit Mutuel and insured by the Garantie des dépôts, the French equivalent of the FDIC (Federal Deposit Insurance Corporation). In a few months, Bitcoin-Central will be able to accept direct deposits and even automatically convert hard-earned cash into Bitcoins.