French Lawmaker Suggests Country Should Acquire 420,000 BTC Over the Next 7-8 Years

BlockBeats News, October 29: According to Bitcoinsensus News, French legislator Éric Ciotti proposed a bill suggesting that France should acquire approximately 420,000 bitcoins over the next 7 to 8 years, representing about 2% of the total supply. The funding sources include using surplus nuclear and hydroelectric power for national-level bitcoin mining, disposing of seized crypto assets, and directing savings account funds to daily bitcoin purchases. If passed, France will become the first European country to incorporate bitcoin into its national reserves.

This bill not only involves the accumulation of bitcoin but also more broadly engages in building crypto infrastructure and links it to the energy agenda. The government will be able to direct excess nuclear and hydroelectric power to the national bitcoin mining operation to support the network and convert unused generation into reserve assets. Emphasizing the premise of localization, France retains control over domestic data and energy resources, limits external buyers' influence on digital infrastructure, and connects clean energy with high-tech production. Such an energy framework can reduce losses from underutilized capacity while supporting industry employment.

The project also outlines the sources of additional reserves in detail. The country will not only use a portion of the remaining generating capacity for mining and record the mined bitcoins in reserves but also include assets seized by court order in the reserves. Furthermore, it is proposed to allow the use of bitcoins for certain tax payments with the necessary approval to establish a settlement operation framework within the existing procedures.