France to buy 420,000 Bitcoins in 8 years? Right-wing leader proposes: establish a national BTC reserve to combat inflation and dollar hegemony

French right-wing MP Éric Ciotti submitted a proposal to the National Assembly, suggesting that the state purchase 420,000 Bitcoins within the next 7 to 8 years to create a “digital gold” strategic reserve, challenging the dollar's hegemony and leading a new era of crypto in Europe. (Background: French semiconductor company Sequans launched a $200 million ATM stock financing to expand Bitcoin reserves) (Additional context: Does the U.S. really have no 200,000 Bitcoin reserves? The Justice Department revealed fewer than 30,000 BTC remain, far below market estimates) Éric Ciotti, leader of the French right-wing political party “Union des droites pour la République” (UDR) and member of the National Assembly, formally submitted a shocking proposal to the French National Assembly on October 28, planning to position Bitcoin (BTC) as “digital gold” and suggesting that the government gradually purchase about 420,000 Bitcoins over the next 7 to 8 years, approximately 2% of the total Bitcoin supply, seizing leadership in the cryptocurrency sector through national strategic reserves. Core of the proposal: 420,000 Bitcoin national reserve The bill proposes the establishment of a dedicated “French Bitcoin Strategic Reserve Public Institution” to manage this batch of digital assets. The acquisition period is planned to take place gradually over 7 to 8 years, aiming to make Bitcoin the “new gold” against inflation and dollar hegemony. Funding sources: Mining, confiscation, and national savings approach To avoid crowding out the fiscal budget, the proposal is designed with multiple funding sources, including: Public Mining: Utilizing France's nuclear and hydropower surpluses for low-cost Bitcoin mining. Judicial Confiscation: Retaining Bitcoins seized during court proceedings. National Savings Allocation: Drawing a quarter of funds from popular savings accounts, purchasing €15 million worth of coins daily. Tax payments in Bitcoin: Allowing taxpayers to pay taxes in Bitcoin (subject to constitutional review). Additionally, besides the Bitcoin reserve strategy, the proposal also puts forth a series of crypto-friendly policies: First, to clearly oppose the digital euro, viewing the EU CBDC as a threat to monetary sovereignty and privacy, advocating for a legislative ban; conversely, the proposal encourages euro stablecoins, supporting European companies in issuing stablecoins pegged to the euro to replace the dominance of dollar stablecoins; finally, the bill also believes that the registration of crypto companies should be simplified, transaction taxes lowered, and tax exemptions provided for miners. Related reports Metaplanet CEO participates in acquiring South Korean software company SGA, pushing for a new “Bitcoin Reserve Company” ReserveOne's merger with a SPAC and raising $1 billion: establishing Bitcoin reserves, investing in ETH, SOL VC warns “Bitcoin Reserve Companies”: unable to avoid death spirals, crashes will lead to a Bear Market <France wants to buy 420,000 Bitcoins in 8 years? Right-wing leader proposes: Establish a national BTC reserve to fight inflation and dollar hegemony> This article was first published in BlockTempo, the most influential blockchain news media.