France: Unprecedented cryptocurrency bill presented by Eric Ciotti’s party
Crypto made in France. The UDR group submitted a bill to the National Assembly “pro-crypto” original goals to place France as a leader in decentralized finance. This text, which is considered the most comprehensive on the subject, is distributed in three structuring axes that seek both to consolidate national financial sovereignty and to strengthen the French industrial ecosystem. The most unique axis is the proposal to create a Establishment of public administration (EPA) to create a French strategic Bitcoin (BTC) reserve, the equivalent of a “national digital gold”. The goal is to raise 420,000 BTC (or 2% of the total supply) over 7-8 years to diversify the country’s foreign exchange reserves.
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- France has presented an ambitious bill to become a leader in decentralized finance.
- The unprecedented project proposes the creation of a French strategic bitcoin reserve to strengthen financial sovereignty.
The Bitcoin Reserve Project will arrive in the National Assembly
According to information crypto media reported this morning A big whalethis reserve would be funded by the following means:
- Mining audience use of energy surpluses (nuclear and hydraulic).
- Systematic custody of bitcoins seized during court proceedings.
- Allocation of a quarter of the funds collected to Livret A and LDDS for everyday shopping BTC (around 15 million euros per day).
At the same time, the text also suggests taking possession payment of tax in bitcoinswhich means the official recognition of this cryptocurrency as a monetary asset.
The second pillar aims to both encourage the use of cryptocurrencies and support the national industrial sector. The text recognizes euro stablecoins as a alternative into payment systems, proposing a ceiling 200 euros per day for payments that would be exempt from tax. It would also allow paying taxes with these stablecoins.
Promote the use of cryptocurrencies and support the sector in France
On the level Europeanthe goal is twofold: release the MiCA regulation facilitate the issuance of stablecoins by European players and oppose digital euro (MNBC)considered a threat to freedoms.
For industry, proposal solves energy and financial obstacles. Suggest to customize taxation of electricity for mining (dynamic excise taxes and flexible TURPE rates), recognizing this activity as a potentially flexible network actor.
On the plan financialenables integration crypto assets in PEA over ETN and calls for a revision of European prudential rules (Basel rules) to reduce risk weights (currently up to 1250%). It should enable this Lombard loans backed by these famous crypto-assets for banks.
This bill, supported by the UDR group, is a strong political declaration in favor of the integration of bitcoins and stablecoins into the French economy. Although its adoption is uncertain due to the low weight of the group, it demonstrates a clear desire to be part of the international (especially American) movement in favor of cryptocurrencies to guarantee financial sovereignty and stimulate industrial innovation in the face of the hegemony of the dollar and the perceived risks of MNBC. An initiative that reminds that of a certain Alexander Stachchenko, just a few weeks ago.