TL;DR
- French MP Éric Ciotti, representing the mainstream conservative party Union of the Right and for the Republic, has introduced a resolution that urges the French government to oppose a digital euro (CBDC) and instead back euro-stablecoins and crypto-asset investment.
- The motion calls for a shift away from the European-led CBDC effort and leans toward promoting private-sector stablecoins and crypto holdings, reportedly including a target of 2% of Bitcoin's total supply (~$48 billion) for France's reserves.
- If adopted, the proposal would mark a dramatic pivot in France's digital-currency strategy, aligning it with a more market-friendly, decentralised crypto model rather than state-issued digital currency frameworks.
- The motion still needs formal review in the French National Assembly and faces political hurdles in gaining broad support.
On Wednesday , Éric Ciotti submitted a motion for resolution to the French National Assembly that outlines a radical rethink of France's approach to digital currency. The proposal urges the government to reject a state-issued digital euro, warning of risks to monetary sovereignty and financial freedom. Instead, the motion supports the promotion of "euro stablecoins" and increased investment in crypto-assets.
Key passages framed within the text include a call for the future European prudential rules for crypto-asset exposures to diverge from the Basel Committee's 2022 standards so that crypto assets can be pledged more freely.
Though the text does not explicitly mandate a national Bitcoin treasury, it has been widely reported that Ciotti's broader ambition would include holding approximately 2 % of Bitcoin's total supply as part of a sovereign crypto reserve - around USD 48 billion at current prices.
Why This Matters for France and Europe
France's motion arrives against a backdrop of growing regulatory discussion in Europe around the future of digital money. The European Central Bank (ECB) has been advancing work on the digital euro, which many in Paris now challenge on grounds of sovereignty and state-control.
If France were to formally reject a CBDC in favour of private stablecoins and crypto reserves, it could create a bifurcation in the European strategy. With the Eurozone aiming for a harmonised digital policy, Paris' divergence would test the unity of the 27-nation bloc and potentially spur competition between national models.
From a market perspective, the prospect that a major European economy could hold Bitcoin as a state asset could further legitimize crypto as a macro-asset class and boost investor appetite. At the same time, it raises questions about regulatory regimes, risk outlines, custody, and the interplay with existing banking systems.
Political and Technical Hurdles
While bold, the motion faces substantial obstacles. Ciotti's party holds relatively few seats in the National Assembly, meaning broader coalition support will be needed to advance the proposal. Moreover, institutional inertia within French and European regulators that are committed to EU-wide frameworks may resist a unilateral departure.
On the technical side, implementing a stablecoin-first model with crypto reserves raises questions: How would stablecoins be regulated, how would user protections be assured, and how would a national treasury manage volatile crypto holdings? The motion's reference to diverging from Basel standards underlines the complexity of aligning banking regulation with crypto innovation.
Broader Context
Beyond France, the motion echoes a rising global trend of states exploring crypto and stablecoin frameworks. For example, smaller states are already looking at digital asset reserves and sovereign tokens. France's pivot could accelerate this wave by demonstrating that major economies can consider crypto beyond hedge-assets or retail speculation.
Final Thought
France's proposed motion to bypass a digital euro and instead embrace euro-stablecoins and crypto strikes at the heart of how digital money will be structured in the coming decade. It challenges prevailing policy paths, blends innovation with national strategy, and invites the question: Is the future sovereign currency decentralised, or does the state still hold the reins?
As this resolution moves through parliamentary review, its outcome may not only reshape French policy but set a tone for how Europe, and perhaps the world, defines the role of crypto-assets, stablecoins and digital currencies in the state finance architecture.
