Bitcoin Updates: France and South Korea Invest in Bitcoin "Digital Gold" to Compete with Dollar Supremacy in International Finance
- France's UDR party proposes a 420,000 BTC national reserve (2% of total supply) to diversify foreign exchange holdings and reduce U.S. dollar stablecoin dependence. - Funding would come from public mining surpluses, seized Bitcoin, and savings from state-backed financial products like the Livret A, with tax payments in Bitcoin requiring constitutional approval. - South Korea launches KRW1, a won-pegged stablecoin on Avalanche blockchain, to reduce foreign stablecoin reliance and boost cross-border transa
France's bold approach to
The UDR's initiative goes further than Bitcoin, targeting Europe's dependence on stablecoins backed by the U.S. dollar. The party's proposal criticizes the European Central Bank's (ECB) strict policies on euro-backed stablecoins, which currently represent only 1.2% of the global stablecoin market, compared to 91% for dollar-based tokens such as
At the same time, South Korea has made a similar move by introducing KRW1, its first stablecoin pegged to the won. Created by BDACS and backed by reserves at Woori Bank, KRW1 runs on the
France's plan to build a Bitcoin reserve faces notable political obstacles, as the UDR controls only 16 out of 577 seats in parliament, making it difficult to pass the legislation, Coinpedia noted. Nevertheless, the proposal has found support among crypto enthusiasts, including Capital B, France's pioneering Bitcoin treasury, which already possesses more than 2,249 BTC, according to
As countries compete to secure financial independence in the digital era, the actions of France and South Korea highlight a growing agreement: the trajectory of global finance may depend on how effectively cryptocurrencies and stablecoins are woven into national economic systems.
Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.
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