Banque de France To Start Hodling Bitcoin?

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Banque de France to hodl Bitcoin?

Banque de France To Start Hodling Bitcoin?

Is the Banque de France going to be the first known central bank to start hodling Bitcoin?

According to a petition lodged, the country will be ‘in a financially weak position within 5-10 years’ if it doesn’t start accumulating Bitcoin (BTC), according to one of its members of parliament.

Jean-Michel Mis, a member of the French National Assembly, has signed a petition, which aims change the laws and enable its central bank, Banque de France, to buy and hodl Bitcoin.

Central bank of France could be about to hodl Bitcoin

French lawmaker Urges National Assembly To Allow Central Bank To Hodl Bitcoin

The petition urges the French National Assembly to consider the matter urgently because not owning Bitcoin will leave the country in a financially weak position.

The French lawmaker announced in a tweet that he had signed the petition, and urged his followers not to ‘miss the boat.’

The petition was started by  François-Xavier Marie Jean Elder Thoorens, president and co-founder of ARK Ecosystem, a blockchain development platform.

The petition can be seen on the French Senate’s e-petitions platform and it calls on the Banque de France to actively explore strategies related to acquiring Bitcoin as a treasury asset like gold.

The petition started on 5 March and is running until 5 September, 2021. According to French law, petitions with at least 100,000 signatures within six months are sent to the Conference of Presidents, who will then decide on the matter.

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The petitioner references corporations now hodling Bitcoin as a treasury reserve asset and specifies MicroStrategy and Tesla’s decision to adopt a Bitcoin standard.

The petition claims the worry is ‘a weak dollar over the next 5 years destroying medium-term financing capacities’ is driving corporates to seek an alternative to the dollar, and it also mentions the mayor of Miami’s proposal for the city to adopt Bitcoin as a means of payment.

The petition claims that central banks are actually buying Bitcoin ‘with the avowed objective of strengthening their independence.’ And while there is no proof of this, many have speculated that governments will be buying Bitcoin.

The petitioner then argues that France should not remain as an ‘observer in the race which has already started,’ and claims doing such a thing would put the country ‘in a financially weak position within 5-10 years.’

The ARK Ecosystem co-founder then proposes the government urgently updates ‘the monetary and financial code to endow the Banque de France with the capacity to buy, sell and hold bitcoins and other crypto-assets that it sees fit.’

MicroStrategy buys 21,000 bitcoins

Petition Written By Blockchain Enthusiast But A Lawmaker Signing It Is Decisive

The petition is well worded and correct in many ways, but the founder of a blockchain-related company is always going to petition for Bitcoin adoption.

That said, the fact that a lawmaker has signed the petition is decisive. This emphasises the interest not just in France, but governments around the world, which are steadily being infiltrated by more Bitcoiners than ever.

With Senator Lummis in the US a known Bitcoiner now part of the Senate Banking Committee, the body that’s charged with formulating regulations for the financial services industry, including digital currencies.

Added with Gary Gensler set to take the reins at the US SEC, and it appears like developed nations are more likely to adopt than try to ban Bitcoin.

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