The French Parliament is reviewing a new bill aimed at developing the cryptocurrency industry. According to Gregory Raymond, co-founder of the media outlet The Big Whale, the document was drafted by the UDR party led by Eric Ciotti.
This is reported by Finway
Key Provisions of the Cryptocurrency Bill
The bill includes three main initiatives:
- Creation of a State Bitcoin Reserve. The plan is to accumulate 420,000 BTC — approximately 2% of the total cryptocurrency issuance. To achieve this, a special institution is proposed to be established, which will purchase and acquire bitcoins through mining over the next 7-8 years, utilizing excess nuclear and hydro energy, as well as through the confiscation of assets in legal cases or obtaining bitcoins via taxes.
- Support for Euro Stablecoins. Legislators propose to recognize euro stablecoins as a full-fledged alternative to traditional payment systems, including Visa and Mastercard. The bill anticipates tax exemptions for stablecoin payments up to €200 per day, permission to pay taxes in stablecoins, and the simplification of regulatory requirements under MiCA, along with opposition to the implementation of a digital euro at the EU level.
- Incentives for Miners and the Crypto Industry. The bill provides for flexible taxation of energy consumption for data centers used for mining, integration of crypto assets into PEA investment accounts through exchange-traded products, and a review of EU prudential rules regarding risky assets.
Prospects for Adoption and Significance of the Initiative
The likelihood of this bill being adopted remains low. It is not included in the state budget and has been submitted without support from other political forces, and the UDR party itself has only 16 deputies out of 577 in Parliament.
However, the initiative demonstrates an attempt by politicians to position themselves as supporters of the crypto industry, noted Raymond.
It is worth mentioning that previously, the Bank of France had already called on the European Union to transfer oversight of cryptocurrency companies to the European regulator ESMA.