Eric Ciotti, leader of France’s right-wing Alliance party, has introduced a groundbreaking cryptocurrency bill aimed at deeply integrating Bitcoin and euro stablecoins into the core of the French financial system.
The most striking aspect of this comprehensive proposal is France’s plan to establish a strategic Bitcoin reserve, targeting the accumulation of 420,000 BTC—representing 2% of the total Bitcoin supply—to create France’s "national digital gold."
01 Key Focus of the Bill: Defending Financial Sovereignty
Debated in the French Parliament on October 29, this bill marks a significant step forward in France’s cryptocurrency legislation.
Ciotti and his party argue that this initiative will safeguard France’s financial independence and position the country at the forefront of Europe’s blockchain revolution.
The bill comes amid concerns over economic downturns in the United States and parts of the European Union, which have renewed interest in Bitcoin’s potential as a hedge against inflation and economic decline.
02 Four Pillars: Building France’s Crypto Ecosystem
Strategic Bitcoin Reserve
At the heart of the bill is the creation of a public management agency tasked with overseeing a reserve of 420,000 Bitcoins.
The plan aims to accumulate the reserve over 7–8 years, diversifying France’s foreign exchange holdings and protecting its financial sovereignty.
Funds for the reserve will be sourced through multiple channels: public mining using nuclear and hydroelectric power, systematically retaining Bitcoin seized in legal cases, and daily Bitcoin purchases funded by savings plans.
Euro Stablecoin Promotion
The bill proposes legalizing stablecoins as alternatives to traditional payment systems like Visa and Mastercard.
It recommends a €200 tax exemption cap for everyday payments made with euro stablecoins, and allows these stablecoins to be used for tax payments.
This initiative is designed to mitigate the impact of the EU’s MiCA regulations and counters what is seen as the overly centralized digital euro.
Mining and Energy Integration
On the energy front, the bill suggests adjusting electricity tax rates for miners and piloting flexible pricing to support mining industry growth.
Ciotti emphasizes that high-performance computing and Bitcoin mining are not mere technological novelties, but valuable and productive activities.
France plans to leverage its surplus nuclear and hydrogen energy for public Bitcoin mining, making it a key component of the strategic reserve.
Institutional Adoption Promotion
To encourage institutional adoption of crypto assets, the bill recommends integrating crypto assets into public management agencies via exchange-traded notes, and adjusting risk weights for crypto-backed loans.
Additionally, a portion of France’s Livret A and LDDS savings funds—about $15 million daily—will be used to directly purchase Bitcoin.
03 Political Challenges: Uncertain Prospects for Passage
Despite its promise of transformative change, the bill faces significant political hurdles.
The Alliance party holds only 16 of the 577 seats in the National Assembly, making the bill’s passage unlikely.
However, if enacted, this legislation would lay a solid foundation for France to lead Europe’s blockchain revolution and strengthen its national financial standing.
It would also mark France’s first attempt to establish comprehensive cryptocurrency regulations, setting an example for other countries considering blockchain technology and cryptocurrencies as part of their official financial systems.
04 Market Reaction: Bitcoin Remains Volatile at High Levels
On the market front, Bitcoin’s price is currently hovering around $113,000.
It has declined by about 0.97% over the past 24 hours but remains at elevated levels.
This price action reflects ongoing market attention to global developments in cryptocurrency regulation.
05 Global Trends: New Moves in National Crypto Reserves
France’s proposal is not unique. The United States, through the GENIUS Act signed in July, has banned central bank digital currencies and promoted stablecoins—a move also cited in France’s initiative.
Reportedly, Kyrgyzstan’s lawmakers began exploring the creation of digital asset reserves after discussions with former Binance CEO Changpeng Zhao.
Meanwhile, an economic hub in Bhutan announced plans in January to establish strategic cryptocurrency reserves using BTC and other tokens.
Outlook
If passed, this bill would make France the first country in Europe to establish a large-scale Bitcoin reserve, echoing the GENIUS Act in the United States.
Globally, from the U.S. to Kyrgyzstan to Bhutan, sovereign nations are undergoing a strategic shift in their approach to cryptocurrencies.
France’s proposal is not just about Bitcoin reserves—it is a declaration of financial and technological sovereignty. As Ciotti stated in his motion, "This legislative proposal reflects our ambition to defend the interests of France’s crypto ecosystem."
