Ok, I just advocated for France to leave the Eurozone. But I think there is an alternative. The French Central Bank (its actually called the Banque de France, but I will call it the FCB) could introduce its own stablecoin without leaving the Eurozone. Let's call it the French franc, and France could even print French franc notes that would only be legal tender within France. These would be redeemable at par for euros. To back these, the FCB would buy French bonds and German bonds (in euros) and also bitcoin and other assets like US treasury bills. The French government could have two budgets, one in euros, the other in francs. The French government could also issue bonds in francs. So essentially it would have 2 currencies that would be interchangeable.
Now would this be legal under European law? I don't think so, but France could just announce its sovereignty in this particular area.
Could this work? I think so, look at Tether. Or use Tether as a model and base this offshore, say in French Guiana. So I guess that is what I am really proposing - a French version of Tether, that would allow France to use MMT.
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