France wants to buy 420,000 Bitcoins in 8 years? Right-wing leader proposes: Establishing a national BTC reserve to combat inflation and dollar hegemony
French right-wing MP Éric Ciotti submitted a proposal to Congress, suggesting that the country purchase 420,000 Bitcoins in the next 7 to 8 years to create a "digital gold" strategic reserve, challenge the hegemony of the US dollar and lead a new European encryption situation.
(Preliminary briefing: French semiconductor company Sequans launches $200 million ATM stock financing: expanding Bitcoin reserves)
(Background supplement: The United States does not have 200,000 Bitcoin reserves at all? The Ministry of Justice revealed that there are less than 30,000 BTC left, far lower than market analysis)
Leader of the French right-wing party "Union des droites pour la République (UDR)" and member of the National Assembly Éric Ciotti, officially submitted a shocking proposal to the French National Assembly on October 28. The proposal plans to position Bitcoin (BTC) as "digital gold" and recommends that the government gradually purchase approximately 420,000 Bitcoins in the next 7 to 8 years, accounting for approximately 2% of the total supply of Bitcoin, and seize the leadership position in the cryptocurrency field through the national strategic reserve.
Core of the proposal: National Reserve of 420,000 Bitcoins
The bill proposes to establish a special "French Bitcoin Strategic Reserve Public Agency" to be responsible for managing these digital assets. The acquisition period is carried out gradually over 7 to 8 years, with the goal of making Bitcoin the “new gold” against inflation and the hegemony of the US dollar.
Funding sources: three-pronged approach: mining, confiscation, and national savings
In order to avoid crowding out the fiscal budget, the proposal designs multiple sources of funding, including:
- Public mining: using French nuclear power and hydropower surplus for low-cost Bitcoin mining.
- Judicial Forfeiture: Preserving Bitcoin seized in court proceedings.
- National Savings Grant: withdraw a quarter of your money from popular savings accounts and buy €15 million in daily coins.
- Tax payments in Bitcoin: Allow taxpayers to pay taxes in Bitcoin (subject to constitutional review).
In addition, in addition to the Bitcoin reserve strategy, the proposal also proposes a series of crypto-friendly policies: first, it clearly opposes the digital euro, regards the EU CBDC as a threat to monetary sovereignty and privacy, and advocates legislative prohibition; in contrast, the proposal encourages euro stable coins and supports European companies to issue stable coins denominated in euros to replace the dominance of US dollar stable coins; finally, the bill also believes that it should simplify the registration of encryption companies, reduce transaction taxes, and provide tax exemptions for miners.
