Eric Ciotti, leader of the French political party UDR, has introduced a bill to create a strategic Bitcoin reserve. The document aims to acquire 420,000 bitcoins (BTC) over the next seven to eight years.
The bill, which is unlikely to pass, proposes three options for implementing this process, including using excess nuclear and hydroelectric power to mine BTC.
Ciotti’s party is proposing that the French government follow the example of the US, where politicians have proposed filling the reserve with confiscated BTC.
The bill calls for a quarter of the funds raised through the Livret A and LDDS savings programs to be allocated to daily BTC purchases on the secondary market (approximately €15 million per day, or 55,000 BTC per year).
The UDR bill, which also proposes paying taxes in BTC, is designed as a measure to diversify foreign exchange reserves and protect France‘s financial sovereignty.
The document prepared by the UDR also recognizes euro-denominated stablecoins as a reliable alternative to traditional payment systems such as Visa and Mastercard.
However, it contains provisions against a digital euro, which EU officials believe would counter dollar-denominated stablecoins.
The bill also proposes easing MiCA regulations to make it easier for European banks and companies to issue stablecoins.