France has made a significant move that could alter the trajectory of monetary policy within Europe. Recently, lawmakers in the National Assembly passed a resolution that explicitly opposes the European Central Bank’s (ECB) proposed digital euro, instead advocating for the adoption of Bitcoin and euro-denominated stablecoins as viable alternatives. This initiative is rooted in a proposal put forth on October 22, 2025, by Éric Ciotti and other members of the Union of the Right for the Republic (UDR), urging the French government to dismiss the European Commission’s draft regulation aimed at establishing a digital euro.
The resolution, titled “Proposal for a European Resolution Calling for Support for the Transformation of the Monetary System,” contends that central bank digital currencies (CBDCs) threaten individual privacy and economic freedoms. Ciotti framed the proposal as a protective measure for “fundamental individual rights” and for preserving monetary sovereignty amidst a rapidly digitizing economy. French lawmakers expressed concerns that a centrally managed digital currency network could enable authorities to track transactions and even freeze citizens’ funds. In this context, they compared the ECB’s digital euro to China’s digital yuan, suggesting that similar centralized control could endanger essential civil liberties.
The ECB is currently working on the digital euro project, which began in November 2023 and is anticipated to wrap up by the conclusion of 2025, with potential circulation slated for around 2029. Lawmakers warned that the introduction of such a currency could destabilize the banking sector, allowing customers to move funds directly into the ECB, thus provoking bank runs and centralizing financial authority. The resolution argued that such concentration would hinder economic freedom, asserting it is “not the role of the ECB to act as a commercial bank.”
Instead of the digital euro, the French proposal outlines an ambitious agenda favoring cryptocurrency, focusing on three main pillars: establishing a national Bitcoin reserve, enhancing euro-denominated stablecoins, and bolstering the domestic cryptocurrency sector. The plan advocates for creating a government-backed Bitcoin reserve equivalent to 2% of the total Bitcoin supply— approximately 420,000 BTC—over a span of seven to eight years. This initiative aims to develop a “national digital gold” reserve, thereby diversifying France’s foreign exchange reserves and reinforcing financial independence.
Funding for this reserve would be sourced from surplus energy allocated for public mining, retained Bitcoin seized during legal proceedings, and a designated portion of savings from Livret A and LDDS accounts to make daily Bitcoin purchases. Moreover, the proposal hints at the potential for tax payments to be made in Bitcoin, contingent on constitutional approval.
France is also pushing for the increased use of euro-denominated stablecoins to lessen Europe’s reliance on U.S. dollar assets that presently dominate the market. According to the proposal, about 91% of global stablecoin capitalization, which aggregates to around $210 billion out of a total $230 billion, is currently tied to the U.S. dollar, primarily through major players like Tether (USDT) and Circle’s USD Coin (USDC). In contrast, the leading euro stablecoin boasts a mere $259 million in market capitalization. The resolution asserts that this disparity leaves Europe overly dependent on U.S. firms and calls for regulatory adjustments to enable euro-backed stablecoins to globally compete.
François Villeroy de Galhau, the governor of France’s central bank, has previously cautioned about the risks of Europe’s hesitance, which may deepen its reliance on non-European digital currencies. During a recent address at the Paris Fintech Forum, he emphasized the need for European banks to prioritize the development of euro-denominated stablecoins rather than depending solely on dollar-denominated products.
Additionally, the UDR’s resolution proposes amending Basel prudential regulations that currently classify certain crypto-backed loans as high-risk, requiring hefty capital reserves of up to 1,250%. Lawmakers argue this classification makes such loans unattractive for banks and advocate for a “targeted deviation” to encourage lending secured by cryptocurrencies.
This resolution surfaces during a crucial period for France’s cryptocurrency landscape. France’s financial regulator, the Autorité des Marchés Financiers (AMF), has recently authorized BPCE’s subsidiary Hexarq to offer cryptocurrency custody and trading services, signifying a major entry of traditional financial institutions into the crypto market. Moreover, the approval of the Lightning Stock Exchange (Lise), a fully tokenized stock platform operating under the EU’s Distributed Ledger Technology (DLT) Pilot Regime, indicates a growing national enthusiasm for blockchain-based financial systems.
Simultaneously, French regulators have ramped up scrutiny of cryptocurrency exchanges, with the prudential supervision authority, ACPR, conducting anti-money laundering inspections on numerous firms, including prominent names like Binance and Coinhouse, in preparation for the complete implementation of the MiCA framework across the European Union by 2026.
As Europe’s cryptocurrency market continues to expand, data from Chainalysis revealed that France processed approximately $180 billion in crypto transactions between July 2024 and June 2025, underscoring its position as one of the region’s most active players, trailing only behind Germany and the United Kingdom.
