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France has taken a bold step that could reshape Europe’s monetary direction. Lawmakers in the National Assembly have adopted a resolution opposing the introduction of the European Central Bank’s (ECB) proposed digital euro while endorsing Bitcoin and the use of euro-denominated stablecoins as alternatives.
The proposal, introduced on October 22, 2025, by Éric Ciotti and members of the Union of the Right for the Republic (UDR), calls on the French government to reject the European Commission’s draft regulation establishing a digital euro.
Instead, it urges support for euro-based stablecoins and greater national investment in crypto-assets.
Is France’s Bitcoin Reserve Plan a Defense of Freedom or a Rebellion Against Europe?
The document, titled “Proposal for a European Resolution Calling for Support for the Transformation of the Monetary System,” argues that central bank digital currencies (CBDCs) pose a threat to privacy and economic freedom.
Ciotti described the move as a step toward protecting “fundamental individual rights” and maintaining monetary sovereignty in an increasingly digital economy.
French lawmakers warned that a centrally managed network would allow authorities to track and potentially freeze citizens’ funds.
The explanatory memorandum compared the ECB’s project to China’s digital yuan, suggesting that similar centralized oversight could “pose a major threat to fundamental individual freedoms.”
The ECB is currently in the preparation phase of the digital euro, which began in November 2023 and is expected to conclude by the end of 2025. The currency could enter circulation around 2029, according to ECB Executive Board member Piero Cipollone.
Lawmakers also warned that adopting a digital euro could destabilize Europe’s banking system by allowing users to move deposits directly to the ECB, potentially triggering a “bank run” and concentrating financial power within a single institution.
The resolution stated that “such a concentration of power would be harmful to economic freedom” and that it is “not the role of the ECB to act as a commercial bank.”
Instead, the French proposal lays out a sweeping pro-crypto agenda centered on three key areas: creating a national Bitcoin reserve, promoting euro-denominated stablecoins, and supporting domestic crypto industry growth.
Under the plan, France would establish a public administrative body to manage a strategic Bitcoin reserve equivalent to 2% of the total Bitcoin supply, roughly 420,000 BTC, to be accumulated over seven to eight years.
The initiative aims to create a “national digital gold” reserve to diversify France’s foreign exchange holdings and strengthen financial sovereignty.
Funding would come from surplus energy used for public mining, the retention of Bitcoin seized in legal cases, and the allocation of a portion of savings from Livret A and LDDS schemes toward daily BTC purchases.
The proposal also introduces the possibility of allowing tax payments in Bitcoin, subject to constitutional approval.
France Calls on Europe to Break Dependence on U.S. Dollar Stablecoins
Alongside Bitcoin, the motion seeks to advance the use of euro-denominated stablecoins as an alternative to U.S. dollar-backed tokens that dominate global markets.
The document criticizes the ECB’s restrictive stance on euro stablecoins and urges the European Commission to revise the Markets in Crypto-Assets (MiCA) regulation to make it easier for European banks and companies to issue stablecoins.
Citing International Monetary Fund data, the report notes that 91% of global stablecoin capitalization, around $210 billion out of $230 billion, is denominated in U.S. dollars, primarily through Tether (USDT) and Circle’s USD Coin (USDC).
In contrast, the leading euro stablecoin holds just $259 million in market capitalization. The proposal argues that this imbalance leaves Europe overly dependent on U.S. firms and calls for policies that would allow euro-backed stablecoins to compete globally.
France’s central bank governor, François Villeroy de Galhau, has previously warned that Europe’s hesitation could deepen its reliance on non-European digital currencies.
Speaking at the Paris Fintech Forum earlier this month, he said European banks should focus on developing euro-denominated stablecoins rather than relying solely on dollar-based products.
The UDR’s resolution also proposes easing Basel prudential rules, which currently classify some crypto-backed loans as high-risk with capital requirements of up to 1,250%.
Lawmakers argue this makes such loans unattractive for banks and call for a “targeted deviation” from the Basel standard to encourage crypto-collateralized lending.
France Strengthens Its Crypto Framework Ahead of MiCA Implementation in 2026
The proposal arrives at a pivotal time for France’s crypto industry. The country’s financial regulator, the Autorité des Marchés Financiers (AMF), recently authorized BPCE’s subsidiary, Hexarq, to offer crypto custody and trading services, marking another major banking institution entering the market.
France has also approved the Lightning Stock Exchange (Lise), its first fully tokenized equity platform operating under the EU’s Distributed Ledger Technology (DLT) Pilot Regime, showing growing national interest in blockchain-based financial infrastructure.
At the same time, French regulators have been intensifying scrutiny of crypto exchanges.
The prudential supervision authority, ACPR, has conducted anti-money laundering inspections on dozens of firms, including Binance and Coinhouse, as part of preparations for full implementation of the MiCA framework across the European Union by 2026.
Meanwhile, Europe’s crypto market continues to expand rapidly. Chainalysis data shows France processed $180 billion in crypto transactions between July 2024 and June 2025, placing it among the region’s most active markets, behind Germany and the United Kingdom.
