Spanish Island Government Decides to Sell Its Bitcoin Investment by Citing ‘Ethical’ Reasons News Bitcoin News – Bitcoin News

Bitcoin is not liked by everyone from the Island Council of Tenerife, Spain. At least thats what was suggested by its president, Pedro Martn, who ordered the sale of the local governments investment in cryptocurrency.

Martn, from the Spanish Socialist Workers Party (PSOE), issued the order of dismantling the investment made through the Technological Institute of Renewable Energies (ITER) in a previous administration, citing ethical reasons.

In detail, according to El Economista, the Island Council of Tenerifes president considers it an opaque currency that cannot be declared in the tax filings.

Although the president did not disclose the exact number of bitcoins (BTC) acquired by the council, it was reported that the liquidation could yield almost one million euros ($1.17 million), which could be around 20 BTC.

During an interview with a local radio of the Canarias Islands, Martin said the council realized an audit of the 70 public companies related to the local government. With such findings, the president believed it was not ethical that public entities are dealing with cryptocurrencies.

Martin told El Economista:

I was surprised by the possibility that we could have a bitcoin bank at ITER, a kind of possibility to have a warehouse. These are very strange situations. Thats not one of the biggest problems: bitcoins. This is part of a series of problems that we have been encountering. () I believe that it is a currency that is not accountable to the treasury. I do not think it is appropriate for a Cabildo of the island to manage it.

In the same line, Enrique Arriaga, the Island Council of Tenerifes vice president, expects that inquiries on the alleged irregularities with ITER could be clarified soon and the role of the BTC investments in the alleged wrongdoings.

The reaction on social networks to Martins statements came fast. Specifically, Isidro Quintana, a local gaming entrepreneur, Oxford & Stanfords graduate, criticized via Twitter the measure taken by Tenerifes government.

He suggested that bitcoins could be used smartly, for example, to improve the 70% of young unemployment. Quintana added:

Pedro Martn, a public investment of 20 thousand euros that transforms into more than 1 million euros is a blessing, bitcoin can be declared to the treasury as any property asset to the treasury. He has just committed an attack against our citizens due to ignorance.

What do you think about the measure taken by Tenerifes government of selling bitcoins investment? Let us know in the comments section below.

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Spanish Island Government Decides to Sell Its Bitcoin Investment by Citing 'Ethical' Reasons News Bitcoin News - Bitcoin News