đŸ‡«đŸ‡· UDR’s Wild Crypto Caper: 420,000 BTC or Bust? đŸ€‘

by

Well, I say, old bean, the UDR party, led by the indefatigable Éric Ciotti, has cooked up a scheme so audacious it makes Bertie Wooster’s latest brainwave look like a spot of tea. đŸ”

UDR’s ‘National Digital Gold’: A Dash of Brilliance or a Spot of Nonsense? 🧐

Éric Ciotti, the chap at the helm of the French political outfit UDR, has unveiled a bill that’s got more twists than a Jeeves plot. The plan? To amass a staggering 420,000 bitcoins (or BTC, as the fellows in the know call it) over the next seven to eight years. Quite the tall order, what? đŸ§‘â€đŸ’»

According to the ever-reliable French scribe GrĂ©gory Raymond, this BTC reserve bill proposes the creation of a Public Administrative Establishment (EPA), with the lofty goal of building a “national digital gold” reserve. Now, this isn’t just a bit of whimsy; they’ve even suggested using surplus nuclear and hydroelectric power to mine the blasted BTC. Quite the modern-day alchemy, eh? ⚡

The EPA, bless their souls, would aim to hold and manage 420,000 BTC, which, I’m told, represents a cool 2% of the total bitcoin supply. Ciotti’s crowd also fancies following in the footsteps of the Yanks, who’ve been toying with the idea of using seized BTC. Quite the international affair, what? 🌍

“Allocation of a quarter of amounts collected through the Livret A and LDDS savings schemes to daily BTC purchases on the secondary market (approximately 15 million euros per day, or 55,000 BTC per year),” the bill chirpily adds. Sounds like they’re planning to turn France into a crypto powerhouse, though I wouldn’t bet my aunt’s heirloom brooch on it. đŸŽ©

The UDR bill, which also tosses in the idea of paying taxes in BTC, is framed as a measure to diversify foreign exchange reserves and protect France’s financial sovereignty. Quite the mouthful, but I suppose it’s the sort of thing that keeps the chaps in parliament busy. 📜

Now, when it comes to stablecoins, the UDR text gives a nod to euro-denominated stablecoins as a credible alternative to those old stalwarts, Visa and Mastercard. This, I’m told, aligns with the European Union’s vision of breaking free from the clutches of U.S. fintech and payments companies. Quite the David and Goliath scenario, what? 🏩

The bill also pushes for easing the MiCA regulation to facilitate stablecoin issuance by European banks and companies. However, the UDR text gives the cold shoulder to the digital euro, which EU officials believe will counter those pesky dollar-based stablecoins. Quite the tug-of-war, eh? đŸ€ș

While the bill has certainly turned a few heads and given the UDR party a bit of a spotlight, it’s about as likely to pass as I am to win the Derby on a unicycle. The UDR, you see, has a mere 16 members of parliament out of 577, making its adoption by the Parliamentary Bureau about as probable as finding a four-leaf clover in a haystack. 🍀

Yet, despite the near-certainty of defeat, the UDR’s initiative shows a pluckiness that’s hard to ignore. They’re positioning themselves as the champions of the French crypto ecosystem, a move that seems to take a leaf out of President Donald Trump’s playbook. Quite the gambit, though whether it pays off remains to be seen. đŸŽČ

FAQ 💡

  • What’s this UDR bitcoin bill all about, then? It’s a scheme to create a French strategic reserve of 420,000 BTC via mining and market purchases. Quite the ambitious endeavor, what? 🚀
  • How would France go about acquiring all that BTC? The bill suggests using surplus nuclear energy and savings schemes like Livret A to fund BTC buys. Ingenious, if a tad far-fetched. 🔋
  • Does the bill have anything to say about stablecoins? Indeed it does! It’s all for euro-denominated stablecoins but gives the digital euro the cold shoulder. Quite the mixed bag, eh? đŸ’¶
  • Will the bill actually pass in Parliament? Unlikely, old sport. With only 16 seats out of 577, the UDR’s chances are slimmer than a debutante’s waistline. 🎭

Read More

2025-10-29 12:08