French legislators have made headlines by introducing a bill that would create a national bitcoin reserve and officially reject the European Central Bank’s (ECB) digital euro.
The proposal, spearheaded by Éric Ciotti and the Union of the Right and Centre (UDR), aims to accumulate up to 420,000 bitcoin—around 2% of the total supply—over the next 7 to 8 years.
Building the bitcoin reserve
If passed, France would become the first European nation with a strategic bitcoin reserve, using it as a form of “digital gold” to enhance financial independence.
The bill outlines several funding sources: nuclear-powered public mining, confiscated bitcoin from criminal cases, daily purchases via public savings schemes (up to 15 million euros per day), and possibly tax payments in bitcoin.
Oversight would be handled by a Public Administrative Establishment modeled after France’s existing gold and currency reserve authority.
Opposition to the digital euro
The proposed law also takes a strong stance against the ECB’s digital euro, arguing that a centralized digital currency endangers privacy and economic freedom. Lawmakers warned:
“Such a concentration of power would be harmful to economic freedom. This is not the role of the ECB.”
They compared the digital euro to China’s digital yuan and cautioned that it could allow authorities to freeze citizens’ funds and destabilize the banking system.
Alternative stablecoin solutions
Instead of a digital euro, the proposal encourages the use of euro-denominated stablecoins for everyday payments—making small transactions tax-exempt and considering stablecoins for future tax payments.
The bill urges regulatory adjustments so European banks can more easily issue euro-backed stablecoins, aiming to reduce dependence on U.S.-backed alternatives.
