French Government Considers Embracing Cryptocurrency
French lawmakers are set to evaluate a proposal that could significantly influence how digital currencies are adopted in the country, including stablecoins and Bitcoin.
A motion introduced by Éric Ciotti of the Union of the Right for the Republic calls for France’s national assembly to oppose the European Central Bank’s potential digital euro and instead support “the dissemination of euro stablecoins and investment in crypto-assets.”
The proposal references recent developments in the United States, where the GENIUS Act — enacted in July — restricts CBDCs while encouraging stablecoin innovation. The motion states: “This proposed European resolution therefore calls on the Government to advocate for the future European prudential framework specific to cryptoasset exposures to deviate specifically from the 2022 Basel standard to facilitate the pledging of cryptoassets, while maintaining the objective of a substantial overhaul of these rules within the Basel Committee.”
Push for strategic crypto holdings
Although the resolution does not explicitly detail a national Bitcoin reserve, reports indicated Ciotti may be aiming for France to accumulate 2% of Bitcoin’s total supply — an amount worth roughly $48 billion at the time of publication. This would align with ongoing efforts in the United States to build strategic reserves of BTC and other digital assets, partly through government seizures linked to criminal investigations.
Earlier this year, members of the French national assembly also discussed proposals for state-backed Bitcoin mining, including utilizing excess capacity from the country’s nuclear energy sector.
More countries explore crypto reserves
France is not alone in considering strategic crypto holdings. In Kyrgyzstan, lawmakers have reportedly begun assessing a national digital asset reserve following consultations with former Binance CEO Changpeng “CZ” Zhao, who now advises the country’s cryptocurrency committee.
And in January, Bhutan’s economic authorities confirmed plans to build a reserve backed by Bitcoin and other cryptocurrencies, highlighting a growing international trend toward incorporating digital assets into state-level financial strategies.
Sources:
https://cointelegraph.com/news/france-law-bitcoin-supply-reserve-asset