France proposes Bitcoin reserve, defying EU digital Euro plans

Key Takeaways 

What makes France’s Bitcoin bill different from other EU proposals?

The bill positions Bitcoin as a sovereign reserve asset, rejecting the EU’s digital euro in favor of alternatives, such as stablecoins.

How significant would France’s proposed Bitcoin reserve be?

If adopted, France’s 420,000 BTC reserve would surpass U.S. holdings, making it the largest sovereign Bitcoin holder in the world.

France’s conservative UDR party introduced a groundbreaking bill on 28 October that would establish a national Bitcoin reserve. This bill, if passed, positions the country as a crypto policy outlier within the European Union. 

The proposal, tabled in the French Parliament, calls for the creation of a public institution to manage a reserve of 420,000 BTC, according to reports. 

This represents approximately 2% of the total supply, effectively rendering Bitcoin a state-backed strategic asset.

If adopted, France would leap ahead of the United States’ 326,588 BTC holdings, becoming the world’s largest sovereign Bitcoin holder. 

Source: Bitcoin Treasuries

At current market prices, the reserve would be worth more than $48 billion, giving France a unique monetary hedge amid global efforts to diversify reserves away from the U.S. dollar.

Sovereign crypto over centralized money

The bill’s authors describe Bitcoin as a “national digital gold” that can safeguard France’s financial sovereignty. It proposes funding the reserve through public mining powered by surplus nuclear and hydroelectric energy. 

Additionally, it proposes the retention of BTC seized in criminal proceedings and a small daily allocation from national savings plans, such as the Livret A.

In a direct challenge to EU monetary policy, the bill also urges opposition to the digital euro [CBDC]. It describes it as a “centralizing tool” that threatens financial freedom. 

Instead, it calls for promoting euro-denominated stablecoins, allowing citizens to make tax-free payments of up to €200 per day and even pay taxes using these assets.

The initiative positions France as one of the few EU members seeking a market-driven alternative to the digital euro, aligning more closely with the United States’ emerging pro-Bitcoin stance than with Brussels’ cautious regulatory approach.

Political ambition, limited leverage

Despite its bold scope, the bill faces an uphill battle. The UDR party, led by Eric Ciotti, holds only 16 of 577 seats in the National Assembly, giving it little legislative leverage. 

The proposal is independent of the ongoing Finance Bill and lacks cross-party backing.

Still, its introduction marks a turning point for France’s crypto debate.

It reflects a growing political willingness to frame Bitcoin not merely as a speculative asset, but as a tool of economic independence —a narrative increasingly echoed in the U.S. and parts of Asia.

Even if the bill fails, it could reshape future discussions on digital sovereignty within the EU. 

By proposing a Bitcoin-backed reserve, France signals its readiness to question the bloc’s centralized approach and to explore how decentralized assets might redefine power in the next financial era.