The French lawmakers are about to examine a proposal which could have significant consequences for France’s adoption and use of digital currency, from Bitcoin to stablecoins (BTC).
A motion for resolution introduced on Wednesday, Éric Ciotti of the Union of the Right for the Republic led a proposal for France’s national assembly to ban the digital euro, potentially being pioneered by the European Central Bank and instead promote “the dissemination of euro stablecoins and investment in crypto-assets.”
In the motion, the US cited its efforts to promote stablecoins and ban digital currency issued by central banks (CBDCs), through the GENIUS Act that was signed into law last July.
“This proposed European resolution therefore calls on the Government to advocate for the future European prudential framework specific to cryptoasset exposures to deviate specifically from the 2022 Basel standard to facilitate the pledging of cryptoassets, while maintaining the objective of a substantial overhaul of these rules within the Basel Committee,” The motion was made.
Although the proposal didn’t mention it explicitly, reports have suggested that a reserve of BTCs could be established. suggested Ciotti stated that the French Government would hold about $48 Billion worth of cryptocurrency at the time the article was published. A similar move would follow US efforts to create strategic BTC and cryptocurrency reserves by using tokens that were seized in criminal cases.
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It was the latest motion in the French national assembly that could affect policy related to cryptos and Bitcoin. As of Tuesday, it did not seem as if the French legislators had taken the matter into consideration. Rassemblement National, a political party in France, reportedly voted against the crypto and Bitcoin legislation. pushed for the French government BTC can be mined using the surplus power from nuclear reactors in Japan.
What other countries are adopting policies on crypto reserves?
In addition to the US government’s efforts under President Donald Trump to develop BTC and crypto stockpiles — which could potentially be bolstered by a $14-billion seizure earlier this month — other countries have been exploring options
Kyrgyzstan’s legislators reportedly began exploring the creation After discussions with the former Binance CEO Changpeng, a reserve of digital assets was created. “CZ” Zhao is an advisor to the crypto committee of the Government. In January, the Bhutanese economic hub announced that it would be launching a cryptocurrency. set up a strategic crypto reserveYou can use BTC or other tokens.
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Source: cointelegraph.com
