Michaela
Éric Ciotti of the Union of the Right for the Republic, leading a group of French lawmakers, has submitted a resolution to the National Assembly calling for a ban on the European Central Bank’s proposed digital euro. The motion instead advocates for the promotion of euro-denominated stablecoins and increased investment in crypto-assets.
Key points:
- French lawmakers, led by Éric Ciotti, propose banning the ECB’s digital euro and promoting euro-backed stablecoins and crypto investments.
- The resolution highlights privacy and centralization concerns with CBDCs, contrasting France’s stance with countries like Kyrgyzstan moving forward with their own CBDCs.
- France’s shift toward decentralized assets signals growing European interest in crypto, potentially increasing adoption, liquidity, and integration across exchanges and payment networks.
The resolution referenced the U.S. move to limit central bank digital currencies (CBDC) and support stablecoins through the GENIUS Act enacted in July. It urges the French government to push for a European prudential framework on cryptoasset exposures that allows targeted deviations from the 2022 Basel standard, enabling easier pledging of cryptoassets, while still aiming for a broader reform of Basel Committee rules in the future.
“Some of the measures required for such a development are the responsibility of the European Union and are therefore the subject of a separate text from the bill tabled in parallel by the UDR group and aimed at ‘adapting France to the new monetary order by embracing Bitcoin and cryptocurrencies,’’ the proposal wrote.
The proposal argued that CBDCs function as digital representations of state-issued money, with their underlying code controlled entirely by the issuing authority. This centralization allows the issuer to monitor transactions in real time, raising concerns about data privacy and ownership. Because the network and its code are fully managed by the central bank, the authority retains the ability to freeze assets on the system at any time.
Meanwhile, other nations, including Kyrgyzstan, have reportedly confirmed plans to develop a CBDC and explore the establishment of a digital asset reserve.
Binance founder Changpeng “CZ” Zhao revealed that the upcoming KGST stablecoin will run on the BNB Chain, with BNB included in its crypto reserve if launched. He also confirmed that Kyrgyzstan’s central bank digital currency is ready for rollout, aiming to streamline government-related payments.
France Rejects Digital Euro, Backs Decentralized Crypto
France’s decision to reject the ECB’s centralized digital euro and instead lean toward Bitcoin and stablecoins emphasizes a growing preference for decentralized assets in Europe. This trend could provide a meaningful boost to communities like SHIB, as it reflects a broader acknowledgment of open crypto ecosystems by regulatory authorities.
For SHIB holders, this shift may translate into stronger market confidence, improved liquidity, and easier access across European exchanges and payment networks. As governments begin to embrace decentralized digital assets, SHIB could see increased adoption, wider utility, and a more prominent role in the evolving European crypto landscape.
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Michaela has no crypto positions and does not hold any crypto assets. This article is provided for informational purposes only and should not be construed as financial advice. The Shib Magazine and The Shib Daily are the official media and publications of the Shiba Inu cryptocurrency project. Readers are encouraged to conduct their own research and consult with a qualified financial adviser before making any investment decisions.
