Spanish island government decides to sell its Bitcoin investment on “ethical” grounds – News Bitcoin News

Bitcoin is not liked by all the members of the Island Council of Tenerife, Spain. At least that is what his President Pedro Martín suggested, who ordered the sale of the local government’s investment in cryptocurrency.

Bitcoin is an “opaque” currency, says Martín

Martín of the Spanish Socialist Workers’ Party (PSOE) issued the order, citing “ethical” reasons, to reduce the investments made by the Technological Institute for Renewable Energy (ITER) in a previous administration.

According to El Economista, the President of the Island Council of Tenerife considers it to be an “opaque” currency that cannot be declared in tax returns.

Although the president did not disclose the exact number of bitcoins (BTC) acquired by the council, it has been reported that the liquidation could bring in nearly a million euros ($ 1.17 million), which could equate to around 20 BTC.

During an interview with a local Canary Islands radio station, Martin said the council had been conducting an audit of 70 public companies associated with the local government. With such knowledge, the president considered it unethical for public institutions to deal with cryptocurrencies.

Martin told The Economist:

I was surprised by the possibility that we could have a bitcoin bank at ITER, sort of a way of having a warehouse. These are very strange situations. That’s not one of the biggest problems: bitcoins. This is part of a number of problems that we have encountered. (…) I believe that it is a currency that is not accountable to the treasury. I don’t think it’s fair for an island cabildo to make it.

In the same line, Enrique Arriaga, Vice President of the Island Council of Tenerife expects that investigations into the alleged irregularities with ITER could soon be clarified and the role of BTC investments in the alleged misconduct.

Locals criticize the local government’s sales of Bitcoin investments

The reaction in social networks to Martin’s statements came quickly. In particular, Isidro Quintana, a local gaming entrepreneur, a graduate of Oxford & Stanford, criticized the measures taken by the Tenerife government via Twitter.

He suggested using bitcoins “intelligently, for example to improve the 70% of young unemployed people”. Quintana added:

Pedro Martin, A public investment of € 20,000 that turns into more than € 1 million is a blessing. Bitcoin can be declared to the treasury as any treasury asset. He has just attacked our citizens out of ignorance.

What do you think of the Tenerife government’s move to sell bitcoin investments? Let us know in the comments below.

Tags in this story

Council, Europe, Government, Island Council, Pedro Martín, Sell Bitcoin, Spain, Spain Bitcoin, Spain Bitcoin Tax, Spain Crypto, Tenerife

Photo credit: Shutterstock, Pixabay, Wiki Commons