France introduces bill to accumulate 2% of Bitcoin supply

This marks a strategic move in the region and a demonstration of the country’s footprint in the cryptocurrency space

France has introduced a bill to accumulate 2% of Bitcoin’s fixed supply in a bid to become the first country to establish a BTC Strategic Reserve in Europe.

This marks a strategic move in the region and a demonstration of the country’s footprint in the cryptocurrency space.

On October 28, The Big Whale co-founder Gregory Raymond revealed that a pro-crypto bill will be submitted to the National Assembly on October 28.

According to this announcement, Eric Ciotti, President of UDR, will present the bill. Raymond noted that this is the first time that such a comprehensive bill has been proposed in France.

In another X post, Alexander Laizet, Director of Bitcoin Strategy at The Blockchain Group, stated that the bill proposes to acquire 420,000 BTC over 7-8 years to protect France’s financial sovereignty.

To achieve this feat, the proposal aims to utilize nuclear and hydroelectric Bitcoin mining and perpetual holding of the top coin.

In conclusion, Laizet emphasized that Capital B, France’s and Europe’s first Bitcoin treasury, which already holds more than 2,249 BTC, is ready for that future.

Apart from the general boost in crypto adoption in Europe, it is worth noting that France is also making other pro-crypto efforts. Back in July, the government developed a 5-year Bitcoin mining plan to effectively manage its surplus electricity.

In addition, it plans to generate up to $150 million from the crypto industry by tightening wastage. The bill was submitted to the French National Assembly.

On the subject of Bitcoin reserve, several others have taken steps.

In Germany, Aifinyo AG converted its balance sheet to Bitcoin, becoming the first company in the region with a pure-play BTC treasury strategy.