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French Lawmaker Proposes Bitcoin and Crypto Adoption Bill

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French Lawmaker Proposes Bitcoin and Crypto Adoption Bill

French politician Éric Ciotti has proposed a Crypto Adoption Bill, which, as he puts it, aligns with the new monetary order. This is a proposal that could turn France into one of the first major economies to adopt Bitcoin and other digital assets officially.

The Crypto Adoption Bill lays out a clear plan to make Bitcoin part of France’s national reserves and encourages the use of crypto in everyday payments.

Building a National Bitcoin Reserve

France is to establish a national Bitcoin reserve. Ciotti proposes that the country gradually acquire about 2% of Bitcoin’s total supply (roughly 420,000 BTC) over the next seven to eight years.

To manage this, the government would create a new agency, like the one that oversees France’s gold and currency reserves. The government plans to fund the reserve in several creative ways, such as

  • Financing the reserve by mining Bitcoin using extranuclear and hydroelectric power.
  • Keeping seized crypto instead of selling it.
  • Using citizens’ savings from Livret A to buy about €15M in Bitcoin daily.

More Than Bitcoin

The Bill also promotes other digital assets. It supports stablecoin payments in euros and proposes that small payments under €200 may be tax-free.

Ciotti’s proposal counters the European Central Bank’s digital euro (CBDC). Instead, it favors private stablecoins managed by trusted companies. The bill will cut taxes for crypto businesses. It will also strengthen rules to help mining and trading grow in France.

Aiming for a New Monetary Future

Ciotti’s goal is to make France a leader in the digital economy. Holding Bitcoin would boost France’s finances and reduce reliance on traditional currencies. Nevertheless, the bill still has significant obstacles. Ciotti’s party has 16 members in the National Assembly; thus, the proposal will need significant political support to pass.

Conclusion

The Crypto Adoption Bill shows that France is beginning to introduce Crypto into its financial system. Éric Ciotti’s proposal to create a Bitcoin reserve and support digital payments is a big leap toward modernizing the nation’s financial system. The bill shows France is ready for a crypto-powered future despite challenges.

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