Key Notes
- UDR President Eric Ciotti will present the bill to the National Assembly with a proposal to acquire 2% of the BTC supply.
- If signed into law, France would acquire 420,000 BTC over the next 7 to 8 years.
- The concept of a Bitcoin Strategy Reserve is now active across different countries.
France has introduced a bill to accumulate 2% of Bitcoin’s
BTC
$114 613
24h volatility:
0.4%
Market cap:
$2.29 T
Vol. 24h:
$48.56 B
fixed supply in a bid to become the first country to establish a BTC Strategic Reserve in Europe.
This marks a strategic move in the region and a demonstration of the country’s footprint in the cryptocurrency space.
France Plans to Acquire 420,000 BTC Over 7-8 Years
On October 28, The Big Whale co-founder Gregory Raymond revealed that a pro-crypto bill will be submitted to the National Assembly on October 28.
According to this announcement, Eric Ciotti, President of UDR, will present the bill to the bloc. Raymond noted that this is the first time that such a comprehensive bill has been proposed in France.
In another X post, Alexander Laizet, Director of Bitcoin Strategy at The Blockchain Group, stated that the bill proposes to acquire 420,000 BTC over 7-8 years to protect France’s financial sovereignty.
To achieve this feat, the proposal aims to utilize nuclear and hydroelectric Bitcoin mining and perpetual holding of the top coin.
In conclusion, Laizet emphasized that Capital B, France’s and Europe’s first Bitcoin treasury, which already holds more than 2,249 BTC, is ready for that future.
Apart from the general boost in crypto adoption in Europe, it is worth noting that France is also making other pro-crypto efforts. Back in July, the government developed a 5-year Bitcoin mining plan to effectively manage its surplus electricity.
In addition, it plans to generate up to $150 million from the crypto industry by tightening wastage. The bill was submitted to the French National Assembly.
Bitcoin Strategy Reserve Becomes a Sensation
On the subject of Bitcoin reserve, since the US announced its plans, several others have followed suit.
In Germany, Aifinyo AG converted its balance sheet to Bitcoin, becoming the first company in the region with a pure-play BTC treasury strategy modeled after Michael Saylor’s Strategy Inc.
In August, Bitplanet unveiled its plans to establish South Korea’s first institutional Bitcoin treasury, allocating $40 million to BTC purchases.
This came after Nasdaq-listed K Wave Media disclosed plans for a $1 billion Bitcoin treasury backed by financing agreements with Anson Funds.
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Benjamin Godfrey is a blockchain enthusiast and journalist who relishes writing about the real life applications of blockchain technology and innovations to drive general acceptance and worldwide integration of the emerging technology. His desire to educate people about cryptocurrencies inspires his contributions to renowned blockchain media and sites.
Godfrey Benjamin on X
Source: https://www.coinspeaker.com/france-proposes-bill-to-buy-2-of-bitcoin-supply/
