French MP proposes resolution to ban CBDC and promote virtual asset investment

JH Kim

Summary

A French MP proposed a resolution to ban the introduction of CBDC and promote euro stablecoins and virtual asset investment.
Ciotti said he would utilize virtual assets as bank collateral to promote virtual asset finance in France.
He said the French government plans to hold 2% of Bitcoin supply in the long term, drawing industry attention.

French MP Éric Ciotti proposed a resolution to ban the introduction of the digital euro (CBDC) that the European Central Bank (ECB) is pursuing, and instead promote euro stablecoins and investment in virtual assets (cryptocurrencies).

On the 28th (local time), crypto-specialized media Cointelegraph reported that Ciotti said, "A digital currency issued by a central bank could threaten financial sovereignty and individual freedom," and added, "We should refer to the example of the United States passing the 'Genius' bill, which bans CBDCs and fosters stablecoins."

He also added, "We should partially exempt the 2022 Basel standards so that banks can use virtual assets as collateral," and said, "This will promote the activation of virtual asset finance in France."

Although the resolution did not include a state-level Bitcoin (BTC) purchase provision, Ciotti said, "He plans to push for the French government to hold 2% of Bitcoin supply in the long term." The industry sees the resolution as likely to provide a new impetus to discussions on the institutionalization of virtual assets in France.

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