The chairman of the UDR, allied to the Rassemblement National, has tabled a bill aimed at bringing France into the “monetary revolution”. He is in favour of creating a national bitcoin reserve, as in the United States and now Luxembourg, which would supplement gold reserves, without any budgetary impact.
While discussions on the 2026 budget continue, with the outcome highly uncertain, Eric Ciotti and his UDR (Union des Droites pour la République) party have just tabled an unprecedented bill, welcomed by the promoters of digital assets.
New monetary order
Released on Tuesday, it proposes to adapt “France joins the new monetary order by embracing bitcoin and cryptocurrencies" : "Bitcoin and crypto-assets are the symptoms and tools of a monetary, commercial, economic and, in a word, political revolution. France, which is lagging behind, needs to take stock of the changes underway and adapt quickly, otherwise its monetary and economic situation could deteriorate.”He writes at the beginning of the text and, in substance, in an article published this Wednesday in Le Figaro.
Among the proposals put forward by the Rassemblement National ally, who is well ahead in the polls should the French be called to the polls again, is the inclusion of bitcoin and crypto-currencies in tax-free savings schemes, particularly the PEA (share savings scheme). “Bitcoin is a particularly suitable asset for protecting financial assets from inflation over the long term, and should therefore be accessible to the French. To bring this pocket into line with other investment envelopes, this bill authorises the holding of crypto-assets within the PEA, using dedicated financial tools that comply with European regulations.”The bill recommends. “This opening up will make it easier to diversify savings and democratise a new asset class, without exposing savers to foreign platforms.”he adds.
A far cry from the regulatory approach
While the French already access crypto-assets through registered or licensed service providers, or through index funds (Exchange Traded Notes) available in securities accounts, Eric Ciotti's position is a far cry from the French regulatory approach to the adoption of crypto-assets in savings wrappers, such as life insurance. “The Insurance Code legitimately requires unit trusts to guarantee “adequate protection” for savings (...). The world of crypto-assets obeys a logic that is foreign to this architecture. The risk of a bubble is unavoidable due to the absence of a value reference. The fact that crypto-assets may be ‘packaged’ in ETFs (Exchange Traded Funds) or ETNs does not change the nature of the problem. And the precautionary principle, which is codified in law, cannot be circumvented by changing the wording of regulatory texts.”In an article published in Les Echos last month, Jean-Paul Faugère, Vice-Chairman of the ACPR, wrote: "The ACPR's mission is to ensure that the financial sector is able to meet its obligations.
On the contrary, Eric Ciotti refers to the approach adopted across the Atlantic by the Trump administration: “The United States has begun a shift in favour of investing in crypto-assets by including investment funds in Bitcoin and other crypto-assets in retirement savings funds or the equivalents of our PEAs and life insurance policies.".
The United States as an example
The MP also cited the United States as an example for promoting the adoption of a national bitcoin reserve. “In March 2025, US President Donald Trump signed an executive order establishing a strategic bitcoin reserve. To date, the United States is deemed to hold 213,297 bitcoins, valued at more than 25 billion dollars at the time of writing - autumn 2025. The exact value of these bitcoins has yet to be confirmed. This would represent 1 % of the total supply of bitcoins. Cynthia Lummis, a US senator appointed to head the Senate Subcommittee on Digital Assets on 24 January, is proposing to buy 200,000 bitcoins a year until 2030, or 1.2 million bitcoins over time. Added to its existing stock, the United States could therefore hold more than 1,413,000 bitcoins in six years” time, or 6.7 % of the total supply of bitcoins".”.
Luxembourg has also just announced that its Intergenerational Sovereign Wealth Fund (FSIL) has allocated T€1.1 trillion of its portfolio to bitcoin spot ETFs. This is a first for a eurozone country.
Eric Ciotti is therefore proposing to import the American strategy: “France needs to start accumulating Bitcoin by creating a dedicated public administrative institution to build up a strategic reserve of Bitcoins. This reserve will be built up on the primary market, through mining, and on the secondary market, by buying bitcoins, holding on to judicial seizures, channelling part of French people's savings and accepting tax payments in bitcoins. There will be no cost to the budget”. Objective: to hold 2 % of the total supply of bitcoins over 6 years, i.e. 420,000, out of a total of 21 million.
Use of surplus electricity
To mine bitcoins, he intends to draw on France's nuclear fleet and the low cost of electricity production. He refers to a National Rally bill tabled by MP Aurélien Lopez-Liguori on 11 July 2025, which aims to authorise, on an experimental basis, the use of electricity surpluses to mine crypto-assets.
Finally, the President of the UDR recommends the promotion of euro stablecoins and a ban on the central bank digital euro (MNBC), promoted by the ECB (European Central Bank) and the Banque de France. Eric Ciotti seems to be referring here to the MNBC intended for private individuals rather than the one reserved for transactions by so-called “wholesale” professionals. “Rational, supervised and audited use of stablecoins must be the way forward to support this revolution, as opposed to a centralised, central bank digital currency that is beyond citizens' control, with serious concerns about the confidentiality of data, transactions and property rights.".
He believes that in the near future, the majority of transactions will be carried out using stablecoins. “We want to remedy this by authorising up to €200 of daily payments in stablecoin denominated in euros, without triggering any tax obligations.”he suggested in Le Figaro.
"As monetary policy falls within the remit of the European Union, a European motion for a resolution attached to this draft law will call on the Government to oppose, within the Council of the European Union, the adoption of the Commission's draft regulation establishing a digital euro.".