French Lawmaker Signs Petition to Allow Central Bank to Buy and Hold Bitcoin

French Lawmaker Signs Petition to Allow Central Bank to Buy and Hold Bitcoin

A member of the French parliament has signed a petition to change the law to allow the French central bank to buy and own bitcoin and other cryptocurrencies. The petition calls on lawmakers to address the issue urgently and warns that giving up bitcoin ownership would put France in a financially weak position within five to 10 years.

Petition to allow central bank to buy bitcoins

Jean-Michel Meese, a member of the French National Assembly, the lower house of parliament, announced in a tweet on Friday that he had signed a petition to change the laws to allow the Bank of France, the country’s central bank, to buy and hold bitcoin and other cryptocurrencies.

The petition, posted on the French Senate’s e-petition platform, was filed on the 5th. March of François-Xavier Marie Jean-Elder Thorens; it is on view until the 5th. September will be signed. Petitions bearing at least 100 000 signatures within six months shall be forwarded to the Conference of Presidents, which shall decide what action to take. At the time of writing, 583 signatures have already been submitted.

Many companies have now acquired large amounts (in the billions) of bitcoins, the petition states, citing Michael Saylor and Elon Musk’s Tesla micro strategy as examples. He goes on to say that some government agencies, such as the mayor of Miami, are positioning themselves to be able to buy bitcoins.

In addition, the petition cites as a reason the risk that a weak dollar over the next five years will wipe out medium-term fiscal opportunities, according to the petitioner:

France cannot remain a worthy spectator of a race that has already begun. If it doesn’t have bitcoin, it will be in a financially weak position within 5-10 years. We need to get started on this right away.

The petitioner stresses the need for France to adopt a strategy in this area and to apply appropriate legislation to implement it: I therefore propose to amend the monetary and financial code to allow the Banque de France to buy, sell and hold bitcoins and other crypto assets.

The petition also notes that lawmakers should adopt a policy that properly assesses risks and proposes proper ownership of cryptographic assets when the policy is implemented.

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