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Belgian MP receives bitcoin salary for a year: Here's what he learned

Published on

January 9, 2023
Read Time:2 Minute, 14 Second

On the finish of January 2022, Belgian MP Christophe De Beukelaer turned the primary European politician to modify his wage to Bitcoin (BTC). To mark the anniversary of this experiment, Cointelegraph reached out to a lawmaker to be taught extra about their expertise.

Again in 2022, Beukelaer, who represents the Humanist Democratic Heart (CDH) social gathering, cited the instance of New York Mayor Eric Adams and the way American politicians are working to show their residence states or cities into Bitcoin hubs to justify his resolution. The Brussels MP's month-to-month wage of 5,500 euros ($6,140) was set to be transformed into bitcoin by way of crypto buying and selling platform Bit4You.

Associated: Belgium says BTC, ETH and different decentralized cash usually are not securities

“I dedicated this political act of paying for bitcoin to defend political concepts,” Beukelaer shares, naming 4 of them: defending monetary freedom and financial alternative, and preventing monetary illiteracy and the expansion mannequin. The latter is probably probably the most fascinating, as lawmakers, who describe themselves as “pragmatic environmentalists,” see a transparent connection between Bitcoin and the environmental clause:

“What's the central financial institution doing when it's printing cash prefer it has been doing for the previous few years? It provides the phantasm of infinite sources, thereby encouraging all financial actors to supply and devour increasingly more.”

Beukelaer believes his experiment has been profitable in each placing Belgium on the worldwide crypto map and inspiring native officers to coach themselves about digital belongings:

"Many politicians have stated to themselves: 'De Beukelaer isn't an anarchist. If he is keen on bitcoin, there should be one thing fascinating behind it.'”

Was it virtually handy? The affirmative reply is tough to think about given BTC's fall from practically $38,000 in January 2022 to $17,246 at press time in January 2023, however the MP did not view his experiment as an financial technique from the beginning:

“It was a political act and never a monetary gesture. Like these rising a mustache in November to struggle prostate most cancers. I put this wage in bitcoin on a chilly pockets each month and I've not touched it. My aim was to not dwell in crypto.”

As the primary main step towards pan-European regulation is taken, Beukelaer highlights the caveats of crypto asset markets (MiCA) laws: the extreme restrictions positioned on private possession of crypto, or the best way stablecoins are managed are taken under consideration.

One politician believes Europe is heading for laborious instances, referring to the power and local weather disaster and the rise of authoritarian leaders. On this regard, western nations will steadily perceive the usefulness of crypto.

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Azeez Mustafa
Azeez began his FinTech career path in 2008 after growing interest and intrigue about market wizards and how they managed to become victorious on the battlefield of the financial world. After a decade of learning, reading and training the ins and outs of the industry, he’s now a sought after trading professional, technical/currency analyst and funds manager – as well as an author.
Last Updated : January 9, 2023
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