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

October 29: According to Bitcoinsensus News, the French legislator Éric Ciotti put forward a bill indicating that France is supposed to acquire approximately 420,000 bitcoins within the next 7 to 8 years, which accounts for about 2% of the total supply. The funding channels comprise using the surplus nuclear and hydroelectric power for national-level bitcoin mining, disposing of the seized crypto assets, and directing the funds in savings accounts to the daily purchase of bitcoins. Once passed, France will become the first European country to incorporate bitcoin into its national reserves. This bill not only relates to the accumulation of bitcoin but also more extensively engages in the construction of crypto infrastructure and connects it with the energy agenda. The government will be capable of directing the excessive nuclear and hydroelectric power to the national bitcoin mining operation to support the network and transform the unused generation into reserve assets. Emphasizing the premise of localization, France maintains control over domestic data and energy resources, limits the influence of external buyers on digital infrastructure, and connects clean energy with high-tech production. Such an energy framework can reduce losses resulting from underutilized capacity while supporting the employment in the industry. The project also elaborates on the sources of additional reserves in detail. The country will not only utilize a part of the remaining generating capacity for mining and record the mined bitcoins in reserves but also include the assets seized by court order in the reserves. In addition, it is proposed to permit the use of bitcoins for certain tax payments with the necessary approval to establish a settlement operation framework within the existing procedures.