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France's Ambitious Plan to Make Bitcoin a National Asset

A new bill in the French Parliament aims to establish a national reserve of Bitcoin, proposing the acquisition of up to 420,000 BTC, or about 2% of the total supply.

Drafted by the center-right Union de la Droite Républicaine (UDR), this legislation is the most significant move regarding cryptocurrency in French history.

The proposed reserve, termed the "French Strategic Bitcoin Reserve," would diversify foreign exchange reserves and enhance financial sovereignty.

Funding for this endeavor could come from public Bitcoin mining powered by France's surplus nuclear and hydroelectric energy, as well as from Bitcoin seized in judicial processes.

Moreover, daily Bitcoin purchases could be financed by allocating a quarter of savings deposited in popular accounts.

The bill also promotes euro-backed stablecoins as a viable alternative for regulated payments, with tax exemptions for small transactions.

Additionally, it calls for support of the crypto sector through tax relief for miners and easier investment avenues for larger investors.

Despite its ambitious agenda, the bill faces significant political hurdles, as the UDR holds only a fraction of the seats in parliament.

Nonetheless, this initiative positions France as a potential leader in Europe regarding cryptocurrency integration into national finance.

Overall, even if the bill struggles to pass, it could significantly influence the dialogue surrounding digital assets in French politics and beyond.