French lawmakers are set to review a proposal that could have significant implications for the country’s adoption of digital currencies, from StableCoins to Bitcoin (BTC).
On a motion for a resolution introduced On Wednesday, Éric Ciotti of the Union of the Right for the Republic led a proposal for the National Assembly of France to ban the digital euro, potentially pioneered by the European Central Bank and instead promote the “dissemination of Euro StableCoins and investment in Crypto-Assets.”
The move cited US efforts to ban Central Bank Digital Currencies (CBDCS) and promote StableCoins through the Genius Act signed into law in July.
“The proposed European resolution therefore calls on the government to advocate for a future European prudential framework specific to cryptoasset explates to deviate specifically from the 2022 Basel Standard to facilitate the submission of cryptoassets, while maintaining the goal of a major overhaul of the rules within the Basel Committee,” the motion said.
The proposal does not explicitly mention the establishment of a national BTC reserve, but report suggested Ciotti intended to have the French government hold 2% of the total cryptocurrency supply, which was worth about $48 billion at the time of publication. Such a move would also follow the US government’s efforts to establish strategic BTC and crypto reserves, in part by using tokens seized through criminal cases.
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The move, which on Tuesday did not appear to be considered by French lawmakers, is the latest in the country’s National Assembly, potentially affecting crypto and bitcoin policy. In August, it was reported that the political party rassemblement national pushed for the French government to mine BTC using excess energy from the country’s nuclear power plants.
Another country that has adopted crypto reserve policies?
In addition to the efforts of the US government under President Donald Trump to build BTC and Crypto Stockpiles – which could be boosted by a $ 14-billion seizure Earlier this month – other countries were exploring options
Kyrgyzstan’s lawmakers have already reported began to explore creation of a digital asset reserve following discussions with former Binance CEO Changpeng “CZ” Zhao, who works as an advisor to the government’s crypto committee. Meanwhile, one of Bhutan’s economic hubs said in January that it planned Set up a Strategic Crypto Reserveusing BTC and other tokens.
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