A comprehensive cryptocurrency bill is being considered in the French Parliament that would allow the country to purchase up to 420,000 Bitcoin (BTC), or about 2% of the total supply.
The bill, drafted by the center-right Union de la Droite Républicaine (UDR) party and presented by party leader Éric Ciotti, is the first crypto law of this scale in French history.
The bill is shaped under three main headings:
Establishing a National Bitcoin Reserve
The bill proposes the establishment of a public institution called the “French Strategic Bitcoin Reserve.” This institution will be tasked with creating a reserve of 420,000 BTC over seven to eight years. The aim is to diversify the country’s foreign exchange reserves and strengthen its financial sovereignty.
The reserve will be financed through:
- Public Bitcoin mining with surplus nuclear and hydroelectric energy and special tax regulations for miners,
- Transferring the Bitcoins seized during the judicial processes to the treasury,
- A quarter of the money deposited in Livret A and LDDS savings accounts is directed to daily BTC purchases (approximately 15 million euros/day, 55,000 BTC per year),
- Payment of taxes with Bitcoin (subject to constitutional compliance).
Promoting Euro-Backed Stablecoins
The second part of the bill defines euro-denominated stablecoins as an alternative to the Visa–Mastercard system and paves the way for their use in regulated, everyday payments.
Proposed edits:
- Stablecoin payments up to 200 euros per day will be exempt from taxes and social deductions.
- The use of euro stablecoins in tax payments will become legal,
- At the European level, they are demanding that the MiCA regulation be relaxed and the digital euro (CBDC) initiative be rejected in the EU Council on the grounds that it is “dangerous for financial freedoms”.
Supporting the Industry and Mining
The third part of the bill aims to provide support for the crypto and mining ecosystem in France in terms of energy and financing.
- Gradual electricity taxation and flexible TURPE tariffs are recommended for mining activities,
- Bitcoin and other crypto assets are planned to be integrated into PEA investment accounts via ETN (Exchange Traded Note),
- It is proposed to reduce the risk weights for crypto assets in Europe, which are up to 1250%, and to open crypto-collateralized loan (Lombard loan) opportunities.
The bill is not part of the currently debated Finance Bill and was not drafted in coordination with other political parties. Therefore, it has little chance of becoming law, as the UDR party holds only 16 of the 577 seats in parliament.
Despite this, the proposal stands out because it includes many of the demands long advocated by the French crypto community and offers some radical new ideas.
*This is not investment advice.
Source: https://en.bitcoinsistemi.com/surprise-bill-aimed-at-acquiring-significant-portion-of-bitcoin-supply-in-france-introduced-here-are-the-details/
