A group of lawmakers aims to get France to consider Bitcoin mining, particularly as a means of managing large-scale electricity systems and strengthening energy sovereignty.
A legislative proposal for that purpose has been proposed in Paris, and the author hopes that the government will accept that it assess the potential for crypto-related activities in other regions.
Like a few years ago, countries around the world have tried to curb cryptocurrency mining, or, like the United States, for example, France has grown so that they are not yet determined about the industry or what it wants.
France is trying to find the location in the crypto mining space
Several members of the French Parliament decided to speed up the decision-making process in Paris. They now suggest that the country should estimate the potential of Bitcoin mining, at least as a tool to improve power generation management.
France could be taking a step towards a pro mining camp, French crypto news outlet journal Du Coin said in a Saturday article. The work is dedicated to lawmakers’ attempts to spark debate on the issue of Parliament.
On Friday, a group of Congress introduced a proposed amendment to the law regarding “simplifying national programming and regulations in the energy sector.”
The key goal of this move is to look into whether digital currency mints can be adopted as a means to better manage the electricity system of Europe’s largest EU countries.
The bill sponsor explained in detail:
“The amendment aims to objectively determine the conditions under which Bitcoin mining can be used as a tool to serve the French electricity system through assessment reports submitted to Parliament.”
France is the region’s leading producer and exporter of electrical energy, primarily due to its large nuclear power sector. The latter accounts for more than 70% of the electricity generated, with renewable energy and fossil fuels providing the rest.
Bitcoin mining helps you take advantage of excess electricity in France
Another argument that is taking place in French society is primarily how to make the state-owned nuclear industry more efficient. A large part is the need to optimize management of surplus electricity production.
The authors of the new law believe that Bitcoin mining can provide a unique solution that is “very flexible” and “does not affect supply continuity.” In that respect, they highlight some of its “technical benefits.”
Cryptographic mining machines can be started and stopped quickly, depending on the peak of production and consumption, and activated when there is demand. Bitcoin farms can be installed near production facilities, even in the most isolated areas.
Furthermore, lawmakers believe that they could build a low-carbon crypto mining sector in France and revive abandoned industrial sites under the supervision of public agencies and strengthen the country’s energy sovereignty while supporting innovation.
This report summarizes the positives of French cryptocurrency mining.
“In short, activities that can adapt to the constraints of the power system, absorb energy surplus, and lower the negative prices of the wholesale market can ease the burden on nuclear power plants by avoiding excessively frequent modulation cycles.
While future parliamentary debates regarding the amendments are merely the first step that needs to be translated into concrete actions by the French government, “the evaluation process will help inform future policy choices based on energy sovereignty, industrial innovation and network resilience,” the MP said.
This amendment was developed in collaboration with Adan, the French Association for the Development of Digital Assets. Industry organizations are the driving force behind the country’s cryptocurrency regulations, taxation and mining proposals.