French lawmakers are preparing to examine a proposal that could significantly impact the nation’s approach to digital currencies, including stablecoins and Bitcoin (BTC).
In a resolution motion presented on Wednesday, Éric Ciotti from the Union of the Right for the Republic proposed that France’s national assembly prohibit the digital euro, which may be developed by the European Central Bank, while advocating for “the promotion of euro stablecoins and investment in crypto-assets.”
The motion referenced the US’s initiatives to ban central bank digital currencies (CBDCs) while encouraging stablecoins through the GENIUS Act signed into law in July.
“The proposed European resolution thus urges the Government to support the future European prudential framework specifically regarding cryptoasset exposures, diverging from the 2022 Basel standard to allow the pledging of cryptoassets, while still aiming for a comprehensive revamp of these regulations within the Basel Committee,” stated the motion.
The proposal did not specifically address the creation of a national BTC reserve, but reports indicated that Ciotti aimed for the French government to acquire 2% of the total supply of cryptocurrency, valued at approximately $48 billion at the time of publication. This action would align with the US government’s strategies to build strategic BTC and crypto reserves, partly using tokens seized in criminal cases.
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The motion, which had not been reviewed by French lawmakers as of Tuesday, represents the latest development in the national assembly that could influence crypto and Bitcoin policy. In August, the Rassemblement National political party reportedly advocated for the French government to mine BTC utilizing surplus energy from the country’s nuclear power facilities.
Is another country embracing crypto reserve policies?
Aside from the US government’s initiatives under President Donald Trump to develop BTC and crypto reserves—which could be enhanced by a $14-billion seizure earlier this month—other nations are also considering options.
Lawmakers in Kyrgyzstan reportedly began exploring the establishment of a digital asset reserve after consultations with former Binance CEO Changpeng “CZ” Zhao, who advises the government’s crypto committee. Meanwhile, an economic hub in Bhutan announced plans in January to create a strategic crypto reserve, utilizing BTC and other tokens.
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