TLDR
- French lawmakers are set to review a proposal that could ban the digital euro and promote the use of Bitcoin.
- The motion, led by Éric Ciotti, calls for increased investment in euro stablecoins and crypto-assets.
- The proposal aims to deviate from the 2022 Basel framework on crypto-exposure regulations.
- Reports suggest that France could hold 2% of Bitcoin’s total supply, valued at $48 billion.
- Rassemblement National has proposed using surplus nuclear energy to mine Bitcoin in France.
The French government is preparing to review a proposal that could impact the country’s stance on Bitcoin (BTC) and other digital currencies. A motion introduced by Éric Ciotti, of the Union of the Right for the Republic, calls for banning the digital euro. The proposal also emphasizes promoting euro stablecoins and increasing investment in crypto-assets.
France to Shift Focus to Euro Stablecoins
On Wednesday, Ciotti led a motion to the French National Assembly, calling for the government to block the digital euro. The motion suggests the country should shift focus to euro stablecoins. This proposal aligns with the growing interest in cryptocurrencies and decentralized assets across Europe.
Ciotti’s motion echoes recent moves in the US, where lawmakers aim to restrict central bank digital currencies (CBDCs). “This proposed resolution encourages the French government to support a European regulatory framework for cryptoassets,” Ciotti explained. The resolution also calls for a deviation from the 2022 Basel framework on crypto-exposure regulations.
While the motion doesn’t propose a national Bitcoin reserve, sources claim Ciotti aims for France to hold 2% of Bitcoin’s total supply. At the time of writing, this amount would be worth around $48 billion. This mirrors efforts by the US government to build Bitcoin and crypto reserves through seizures linked to criminal cases.
Rassemblement National Pushes for Bitcoin Mining with Nuclear Energy
In August, another proposal from the political party Rassemblement National suggested mining Bitcoin using surplus energy. This energy would come from France’s nuclear power plants, which provide a substantial amount of power. Supporters of the plan see this as a way to integrate Bitcoin mining into the national economy.
Other countries are exploring similar paths. For example, Kyrgyzstan’s lawmakers have shown interest in creating a digital asset reserve. Discussions with former Binance CEO Changpeng “CZ” Zhao have guided the country’s crypto strategy.
Meanwhile, Bhutan also announced plans to establish a strategic crypto reserve using Bitcoin and other tokens. This shift towards digital assets highlights the growing interest in Bitcoin and cryptocurrencies worldwide. While the French government continues to explore these proposals, the future of Bitcoin in France remains uncertain.