French lawmakers will review a proposal that could significantly impact the country's adoption of digital currencies, involving various digital assets from stablecoins to Bitcoin (BTC).
In a resolution motion introduced on Wednesday, Éric Ciotti of the Republican Right Alliance proposed that the French National Assembly prohibit the potential digital euro that may be launched by the European Central Bank, instead promoting "the spread of euro stablecoins and investment in crypto assets."
The motion references the efforts in the U.S. to ban central bank digital currencies (CBDCs) and promote stablecoins through the GENIUS Act signed in July.
"Therefore, this proposed European resolution calls on the government to advocate for a future European prudential framework for exposure to crypto assets that particularly deviates from the 2022 Basel standards, to facilitate the staking of crypto assets while maintaining the goal of substantial reform of these rules within the Basel Committee," the motion states.
The proposal does not explicitly mention the establishment of a national BTC reserve, but reports indicate that Ciotti intends for the French government to hold 2% of the total supply of the cryptocurrency, valued at approximately $48 billion at the time of writing. This move would also mirror the U.S. government's efforts to establish strategic BTC and cryptocurrency reserves, partly through tokens seized in criminal cases.
As of Tuesday, this motion does not appear to have been reviewed by French lawmakers, marking the latest initiative that could influence cryptocurrency and Bitcoin policy in the country. In August, the National Rally party reportedly pushed for the French government to mine BTC using the surplus energy from the country's nuclear power plants.
In addition to the U.S. government's efforts to develop BTC and cryptocurrency reserves under President Donald Trump—where a $14 billion seizure earlier this month could further bolster this reserve—other countries are also exploring related options.
Reports indicate that Kyrgyzstani lawmakers began exploring the creation of a digital asset reserve after discussions with former Binance CEO Zhao Changpeng "CZ," who currently serves as an advisor to the country's government cryptocurrency committee. Meanwhile, an economic center in Bhutan announced plans in January to establish a strategic cryptocurrency reserve using BTC and other tokens.
Related: Venezuela's stablecoin use cases grow amid war threats and ongoing sanctions
Original article: “French Government to Review Motion to ‘Embrace Bitcoin (BTC) and Cryptocurrency’”
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