Bitcoin News Today: France Vaults Bitcoin as "Digital Gold" to Challenge Global Economic Order

France Proposes Bill to Acquire 420,000 Bitcoins Nationally

French lawmakers are pushing a groundbreaking initiative to position Bitcoin as a strategic national asset, with a proposed plan to establish a sovereign Bitcoin reserve of up to 420,000 BTC — approximately 2% of the total Bitcoin supply — over the next seven to eight years. The bill, introduced by National Assembly member Éric Ciotti of the Union of the Right and Center Party (UDR), aims to make France the first European country to formally integrate Bitcoin into its economic framework, treating it as "digital gold" akin to traditional reserves, according to Coinpedia.

The proposal outlines multiple funding mechanisms for the reserve, including public Bitcoin mining leveraging France's surplus nuclear and hydroelectric energy, retaining Bitcoin seized in judicial actions, and allocating a portion of funds from state savings products like the popular "Livret A." The bill also suggests allowing citizens to pay certain taxes in Bitcoin, pending constitutional approval. Ciotti argues that the move would enhance France's geopolitical independence, particularly amid U.S. efforts to acquire French crypto mining firms, Coinpedia reports.

The legislation extends beyond the reserve, advocating for the adoption of euro-backed stablecoins for small daily transactions (up to €200) and opposing the European Union's planned digital euro, which Ciotti claims could infringe on privacy and personal freedoms. Additional measures include reducing electricity taxes for miners and streamlining investment processes for institutional Bitcoin buyers, according to Coinpedia.

Political hurdles remain significant. Ciotti's party holds only 16 of 577 parliamentary seats, raising questions about the bill's viability in a fragmented legislative landscape. However, proponents argue the plan aligns with France's broader economic modernization goals and could solidify its leadership in digital asset adoption within the EU, Coinpedia notes.

The proposal arrives amid a surge in institutional Bitcoin activity across Europe. For instance, Swiss Bitcoin app Relai recently secured a MiCA license in France, signaling regulatory progress for crypto services, according to Coinotag. Meanwhile, corporate Bitcoin holdings are also rising, with companies like Hyperscale Data and Alliance Resource Partners expanding their treasuries.

If enacted, the bill would mark a pivotal shift in France's economic strategy, blending traditional fiscal policy with emerging digital finance. Critics, however, caution against the volatility and regulatory uncertainties inherent to Bitcoin, though supporters view the risks as outweighed by the potential for long-term strategic gains, Coinpedia reports.