French Lawmakers to Review Proposal to Ban CBDC, Support Bitcoin Reserve and Crypto Oversight

French lawmakers are preparing to review a motion that seeks to ban the European Central Bank's proposed digital euro while promoting Bitcoin and other decentralised assets. In an attempt to position Bitcoin as “digital gold”, Eric Ciotti and members of the Union of the Right for the Republic (UDR) have proposed an alternative vision for the country's monetary system. The motion, tabled for debate in the National Assembly on October 28, could mark a dramatic policy shift for the eurozone's second-largest economy. 

Lawmakers Seek Bitcoin Reserve, Stricter Oversight Under MiCA

Under the proposal, France would reject the ECB's digital euro regulation and call it a “centralising tool” that may jeopardise financial privacy. The proposal did not explicitly mention establishing a national BTC reserve, but reports suggested that this reserve, which would be built up over a period of seven to eight years, is worth about €48 billion (approximately Rs. 4,30,000 crore) at current prices.

Additionally, the Markets in Crypto-Assets Regulation (MiCA) encourages reforms that would allow European banks to freely issue these tokens, reducing reliance on USD-pegged stablecoins, which currently control more than 90 percent of the global market. 

In parallel, French regulators have flagged concerns with weak enforcement under MiCA's “passporting” mechanisms, which allow firms licensed in one EU country to operate across the bloc. Alongside Italy and Austria, the Autorité des Marchés Financiers (AMF) has called for the European Securities and Markets Authority (ESMA) to take on direct supervision of significant cryptocurrency companies, citing concerns that uneven national oversight may lead to vulnerabilities. 

This regulatory stance reinforces France's intention to tightly manage digital-asset risks while promoting innovation under a controlled framework. 

If the motion is approved, France could re-establish itself as a leading European centre for Bitcoin and decentralised finance, in addition to opposing the eurozone's digital currency agenda.