Bitcoin is not liked by everyone from the Island Council of Tenerife, Spain. At least thatâ€™s what was suggested by its president, Pedro MartÃn, who ordered the sale of the local governmentâ€™s investment in cryptocurrency.
Bitcoin Is an â€˜Opaqueâ€™ Currency, MartÃn Says
MartÃn, from the Spanish Socialist Workerâ€™s Party (PSOE), issued the order of dismantling the investment made through the Technological Institute of Renewable Energies (ITER) in a previous administration, citing â€œethicalâ€ reasons.
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:
In the same line, Enrique Arriaga, the Island Council of Tenerifeâ€™s 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.
Locals Criticize Bitcoin Investmentâ€™s Selling by the Local Government
The reaction on social networks to Martinâ€™s statements came fast. Specifically, Isidro Quintana, a local gaming entrepreneur, Oxford & Stanfordâ€™s graduate, criticized via Twitter the measure taken by Tenerifeâ€™s government.
He suggested that bitcoins could be used â€œsmartly, for example, to improve the 70% of young unemployment.â€ Quintana added:
What do you think about the measure taken by Tenerifeâ€™s government of selling bitcoinâ€™s investment? Let us know in the comments section below.