Lawmakers have reportedly introduced a comprehensive crypto bill proposal in the French Parliament that could establish a national Bitcoin (BTC) reserve and boost the industry’s adoption in the country.
On Tuesday, the Union of the Right for the Republic (UDR) party, led by Eric Ciotti, was set to introduce a pro-crypto bill in the French Parliament to address three key areas of France’s crypto ecosystem.
The EPA would be dedicated to holding and managing 2% of the total Bitcoin supply, or 420,000 BTC, within the next 7-8 years. Notably, the strategic reserve would be funded by public Bitcoin mining using surplus nuclear and hydroelectric power.
Additionally, the text proposed using systematic retention of BTC seized during legal proceedings, payments of taxes made in Bitcoin, and the allocation of “a quarter of the amounts collected through the Livret A and LDDS savings schemes” for daily BTC purchases on the secondary market to fund the strategic reserve.
Moreover, the proposed legislation also addresses energy and financial barriers, adapting electricity taxation for crypto mining by creating a progressive, dynamic excise duty based on price tiers, experimenting with flexible TURPE tariffs for flexible and adjustable consumer sites, and integrating Bitcoin and other crypto assets into the stock savings plan (PEA) via exchange-traded notes.
In his X post, Raymond explained that the proposed bill’s chances of passing are low, as it is an independent legislative proposal unrelated to the Finance Bill currently in the French parliament and was designed without the collaboration of other political parties. “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),” he added.
Nonetheless, he affirmed that despite the extremely low probability of advancing, it demonstrates UDR’s “ambition to position itself as the party best able to defend the interests of the French crypto ecosystem.”
