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๐ฅ Exclusive @TheBigWhale_
A pro-crypto bill will be tabled today in the French Parliament by @partiudr led by @eciotti
This is the first time such a comprehensive text on the subject has been proposed in France. ๐ซ๐ท
Here are the proposals, which fall into three main areas.
๐ Creating a French strategic bitcoin reserve
The text proposes the creation of a Public Administrative Establishment (EPA) dedicated to holding and managing a reserve of 2% of the total bitcoin supply, i.e. 420,000 BTC within 7โ8 years.
The aim is to build a form of "national digital gold" to diversify foreign exchange reserves and protect the country's financial sovereignty.
Its funding would be achieved as follows:
- Public mining using surplus nuclear and hydroelectric power, with adapted taxation for miners (see 3rd area below).
- Systematic retention of bitcoins seized during legal proceedings.
- Allocation of a quarter of amounts collected through the Livret A and LDDS savings schemes to daily BTC purchases on the secondary market (approximately 15 million euros per day, or 55,000 BTC/year)
- Payment of taxes in Bitcoin (subject to constitutionality).
๐ Encouraging euro-denominated stablecoins
The text recognizes stablecoins as a credible alternative to the VisaโMastercard system and proposes regulated daily use.
- Ceiling of 200 euros per day in payments using euro-denominated stablecoins, exempt from taxation and social contributions.
- Payment of taxes in euro stablecoins authorized.
- European objective: ease the MiCA regulation to facilitate stablecoin issuance by European banks and companies, and oppose the digital euro (CBDC) at the EU Council, deemed centralizing and dangerous for financial freedoms.
๐ Supporting industry players
The text tackles energy and financial barriers to the development of the French ecosystem.
Adapting electricity taxation for mining:
- creation of a progressive dynamic excise duty based on price tiers.
- experimentation with flexible TURPE tariffs for flexible and adjustable consumer sites (such as mining data centers).
Integration of Bitcoin and other crypto-assets into the PEA via ETNs (Exchange Traded Notes), to broaden institutional access and secure indirect holding.
Revision of European prudential rules: the proposal calls for adapting risk weighting (up to 1250% today on certain crypto-assets) to make "Lombard" loans backed by crypto-assets possible.
๐ก What are the chances of this text succeeding and in what context does it fit?
It is not part of the Finance Bill currently being debated (it is an independent legislative proposal) and was designed without collaboration from other political forces.
It therefore has little chance of being adopted by the Parliamentary Bureau due to the UDR's limited weight in the chamber (16 MPs out of 577).
This text contains several proposals that the sector has championed for many years, as well as other unprecedented ones.
Despite the extremely low probability that this bill will pass, it demonstrates @eciotti's party's ambition to position itself as the party best able to defend the interests of the French crypto ecosystem.
It follows in the wake of Donald Trump's success across the Atlantic, whose commitment to this issue has helped attract a new electorate that few had previously courted.