Introduction
Eric Ciotti, a prominent figure in the Union of the Right for the Republic (UDR), has set forth an intriguing legislative proposal aimed at establishing a national Bitcoin reserve in France, as reported by local news sources. This initiative is seen as a strategic move to enhance France’s financial independence within the European Union, emphasizing the country’s role as the second-largest economy in the bloc.
Details of the Proposal
The proposed Bitcoin reserve would be under the management of a public administrative body, ensuring government oversight while allowing some degree of autonomy. Notably, this reserve is envisioned to consist of Bitcoin acquired through environmentally friendly means, specifically utilizing excess nuclear and hydroelectric energy for mining, along with seized cryptocurrencies.
Funding Mechanism
In addition to this Bitcoin initiative, Ciotti has suggested that 25% of the deposits from widely utilized French savings accounts, such as the Livret A and the Livret de Développement Durable et Solidaire (LDDS), should be allocated towards this reserve. The remaining three-quarters of these funds would continue to support initiatives like social housing and government-backed loans. If adopted, this strategy could enable France to purchase approximately 55,000 Bitcoin annually.
Political Landscape
Ciotti, who is recognized for his right-wing political stance, advocates that this proposal would position France as a leader in the realm of monetary independence. However, the chances of this initiative gaining traction within the National Assembly—the primary legislative body in France—appear slim. With the UDR holding only 16 of the 577 seats, Ciotti’s bold proposal is anticipated to encounter significant resistance from various political factions.
Controversies
Additionally, his recent political journey has not been without controversy; the anti-corruption group Anticor has accused him of misusing public funds during his tenure as president of the Departmental Council, which could further complicate his efforts to advance this Bitcoin reserve plan.
