A member of the French Parliament signed a petition to amend the law to enable the French Central Bank to buy and hold Bitcoin and other cryptocurrencies. The petition urged parliamentarians to consider the matter urgently, warning that not owning Bitcoin would leave France “in a financially disadvantaged position in 5-10 years.”

Petition to allow the central bank to buy bitcoin

French Member of Parliament Jean Michel Mies announced in a tweet on Friday that he has signed a petition to amend the law to enable the country’s central bank, Banque de France, to buy and hold Bitcoin and other cryptocurrencies.

François-Xavier Marie Jean Elder Thoorens began petitioning on the electronic petition platform of the French Senate on March 5. It can be signed until September 5. Petitions with at least 100,000 signatures within six months will be forwarded to the Presidential Conference, which will decide whether to follow up on the matter. At the time of writing, 583 signatures have been submitted.

The petition states: “Many companies have now acquired large amounts (billions of euros) of Bitcoin,” taking Michael Saylor’s microstrategy company and Elon Musk’s Tes Pull as an example. It further stated: “Some public entities such as the Mayor of Miami are positioning themselves to be able to buy Bitcoin.”

In addition, the petition continued: “The reason given is that the weakening of the U.S. dollar in the next five years may undermine medium-term financing capabilities.”

France cannot decently continue to be an observer of the race that has already begun. Not owning Bitcoin will make Bitcoin financially weak for 5 to 10 years. There is an urgent need to solve this problem.

The petitioner emphasized that France must adopt a strategy in this area and apply applicable laws to implement it. Therefore, he wrote: “Therefore, I propose to update the currency and financial code to give the Bank of France the right to buy, sell and sell foreign exchange Ability. Hold Bitcoin and other crypto assets.”

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The petition also pointed out that legislators “when adopting this strategy, they will have to adopt a strategy that can correctly assess risks and propose a reasonable ratio of crypto assets holdings.”

Do you think the French central bank will buy and hold Bitcoin? Let us know in the comments section below.

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