Spanish island government sells its bitcoin investment by citing ethical reasons.

The Island Council of Tenerife's president Pedro Martín has ordered the sale of the local government's investment in cryptocurrency.

Pedro Martín, from the Spanish Socialist Worker’s Party (PSOE), issued the order of selling off the investment made through the Technological Institute of Renewable Energies (ITER) in a previous administration. The president cited “ethical reasons” for his decision. According to El Economista’s report, the Island Council of Tenerife’s president considers bitcoin an “opaque” currency that cannot be declared in the tax filings. The recent massive winning rally of bitcoin has attracted the attention of regulators around the world.


The president did not disclose the exact number of bitcoins. 

Though the president did not disclose the exact number of bitcoins acquired by the council, it was earlier reported that the liquidation could yield almost one million euros ($1.17 million), which could be around 20 BTC. During an interview with the Canarias Islands local radio, 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.


“I believe that bitcoin is a currency that is not accountable to the treasury.”

 Pedro Martin was quoted saying, “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 not think it is appropriate for a Cabildo of the island to manage it.” Enrique Arriaga, the Island Council of Tenerife’s vice president, also said that he expects that inquiries on the alleged irregularities with ITER could be clarified soon and the BTC investments’ role in the alleged wrongdoings.

Jai Pratap
Jai Pratap
A Mass Media Graduate who loves to write. Jai is also a sports enthusiast and a big movie buff. He loves to learn new things.

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