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

A French parliament member has signed a petition to amend the laws allow the central bank of France to purchase and hold bitcoin along with other cryptocurrencies. The petition urges lawmakers to urgently consider the situation, warning that not owning bitcoin will put France “in a financially weak position within 5-10 years.”

Petition to Allow Central Bank to Buy Bitcoin

Jean-Michel Mis, a member in the French National Assembly, the low house of parliament, announced in a tweet Friday he has signed a petition to amend the laws that will allow the Banque de France, the country’s central bank, to purchase and hold bitcoin, along with other cryptocurrencies.

The petition residing on the French Senate’s e-petitions platform was started on March 5 by François-Xavier Marie Jean Elder Thoorens; it could be signed until Sept.

5. Petitions with at the very least 100,000 signatures within half a year are forwarded to the Conference of Presidents, that may decide whether to check out on the matter. During the time of writing, 583 signatures have now been lodged.

“Many companies now have acquired large sums (of the order of several billion euros) of bitcoin,” the petition states, naming Michael Saylor’s Microstrategy and Elon Musk’s Tesla as examples. It further notes that “Some public entities like the mayor of Miami are positioning themselves to be able to buy bitcoin.”

Moreover, “The reason given is the risk of a weak dollar over the next 5 years destroying medium-term financing capacities,” the petition continues, adding:

Emphasizing that France must adopt a method of this type and apply applicable laws to implement it, the petitioner wrote: “I, therefore, propose an upgrade of the monetary and financial code to endow the Banque de France with the capability to buy, sell and hold bitcoins and other crypto assets.”

The petition also highlights that lawmakers “will have to adopt a method that will correctly measure the risks and propose reasonable crypto-asset holding ratios in the applying of the strategy.”