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

Bitcoin is not liked by everyone from the Island Council of Tenerife, Spain. At least that’s what was suggested by its president, Pedro Martín, who ordered the sale of the local government’s investment in cryptocurrency.
Bitcoin Is an ‘Opaque’ Currency, Martín Says
Martín, from the Spanish Socialist Worker’s 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 Tenerife’s 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. That’s 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 …
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