The French National Assembly debated a landmark cryptocurrency bill introduced by Éric Ciotti, leader of the center-right Union of the Right and Centre (UDR) party.
This is the first comprehensive legislative proposal on crypto in France, positioning Bitcoin as “digital gold” to enhance financial sovereignty amid global economic shifts.
The bill proposes creating a national Bitcoin Strategic Reserve equivalent to 2% of Bitcoin’s total supply—approximately 420,000 BTC valued at around $48 billion at current prices—accumulated over 7–8 years.
However, no formal vote occurred during the debate; the bill is now advancing to committee stages for review, amendments, and potential parliamentary voting, which could take weeks or months.
The proposal is structured around three pillars: building the reserve, promoting stablecoins, and supporting the crypto industry. Public mining using surplus nuclear/hydroelectric energy; retain seized BTC from legal proceedings instead of auctions.
It allocate 25% of inflows from popular savings schemes via Livret A and LDDS for daily purchases ~€15M/day, or ~55,000 BTC/year; allow tax payments in BTC pending constitutional review.
Euro-Denominated Stablecoins; Recognize stablecoins as payment alternatives to Visa/Mastercard. Daily payment cap: €200 tax- and contribution-free. Authorize tax payments in euro stablecoins.
EU advocacy for ease MiCA regulations for issuance by European banks/companies; oppose the EU’s digital euro (CBDC) as overly centralizing. This reduces barriers for mining and institutional adoption.
Adjust electricity taxes: Progressive excise based on price tiers; flexible tariffs for mining data centers. It allows Bitcoin/crypto ETNs in PEA plans; revise EU rules to enable “Lombard” loans backed by crypto current risk weighting up to 1,250%.
The bill ties into France’s energy strengths, emphasizing sustainable mining (Bitcoin now uses 58% renewables globally) and protecting domestic firms from foreign takeovers, like U.S. bids for French miners.
UDR holds only 16 of 577 seats in the National Assembly, limiting its influence. The bill is an independent initiative, not tied to the ongoing Finance Bill, and lacks cross-party support.
Environmental concerns over energy use, skepticism from the ruling majority, and EU coordination hurdles could lead to amendments or rejection. Analysts estimate low passage odds in its current form, but it tests political appetite for crypto amid U.S. trends such as Trump’s pro-Bitcoin stance.
If advanced, France could lead Europe in sovereign Bitcoin adoption, following models like El Salvador (3,000+ BTC) or Bhutan (13,000 BTC). It aligns with France’s 70+ licensed crypto firms and ambitions for EU crypto dominance.
El Salvador pioneered national Bitcoin adoption in 2021 by making it legal tender, while Bhutan has quietly built a substantial reserve through sustainable mining since 2019.
France’s proposed bill, debated in late October 2025, aims to create a strategic Bitcoin reserve but remains in early stages without a vote. All three leverage Bitcoin as a hedge against economic volatility—El Salvador for financial inclusion, Bhutan for diversification amid tourism slumps, and France for sovereignty in a shifting global landscape.
El Salvador employs dollar-cost averaging (DCA) with one BTC daily purchase for over 1,000 days, plus bulk buys during dips and geothermal mining ~474 BTC. Funding came from sovereign bonds and remittances via the Chivo wallet.
Despite a 2024 IMF $1.4B loan requiring reduced public accumulation, the government continues via non-governmental entities, adding ~12–13 BTC monthly in early 2025. Recent moves include dispersing reserves across 14 addresses for security.
Bhutan: Focuses on green mining using abundant hydropower via Druk Holdings & Investments, the sovereign wealth fund, avoiding direct market buys. This low-cost approach has yielded 12,000 BTC peak, with expansions via partnerships like Bitdeer target: 600 MW capacity by H1 2025.
Unlike pure HODLers, Bhutan sells portions (350–512 BTC) during price surges like $59M in July 2025 at $123K/BTC to fund salaries and imports, treating BTC as both reserve and cash flow tool.
France: Proposes a multi-pronged, sustainable model: public mining with surplus nuclear/hydro energy; retaining seized BTC from crimes vs. auctions; 25% of daily inflows from popular savings accounts and optional BTC tax payments. This avoids heavy debt reliance, emphasizing energy efficiency.
Mining in Bhutan bolsters a tourism-dependent economy hit by COVID revenue down 70%, generating revenue without mandates. Holdings ~40% GDP fund public salaries and diversification into ETH/BNB; one city adopted a crypto reserve in Jan 2025.
France aims for institutional integration and stablecoin promotion to rival Visa/Mastercard, opposing EU CBDCs. Could protect 70+ French crypto firms from foreign takeovers, but environmental pushback and EU rules pose hurdles. No adoption data yet; focus on sovereignty amid U.S. trends.
France’s proposal, if realized, could scale this to a G7 economy, blending mining innovation with fiscal tools—but success hinges on parliamentary buy-in. As BTC surges, these strategies highlight Bitcoin’s evolution from fringe asset to sovereign tool, with unrealized gains proving prescient amid inflation and de-dollarization fears.
Co-founder of The Big Whale, detailed the bill’s provisions in a viral thread, noting its role in defending French crypto interests. NekoZ called it a “MAJOR shift,” emphasizing opposition to the digital euro.
Mounir Laggoune, CEO of Finary, analyzed the Livret A funding angle as “surprising” but innovative for autonomy. This development underscores growing governmental interest in Bitcoin as a reserve asset, even if the path forward remains uncertain.
