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News- The President has not yet disclosed the exact number of bitcoins acquired by the council
- The island council of Tenerife’s Vice President Enrique Arriaga informed that inquiries are made with the alleged irregularities with ITER
Tenerife Island Government from Spain dislikes bitcoin and believes that bitcoin is an opaque currency that cannot be declared in the tax filing.
Spain’s Island council of Tenerife does not promote much bitcoin as it is not everyone’s favorite. President Pedro Martin, who ordered the local government’s sale in cryptocurrency, believed that it is not right to deal in cryptocurrency.
Martin belongs to the Spanish Socialist Workers Party (PSOE). He had given the order to dismantle investments made through the Technological Institute of Renewable Energies (TIER) in a previous administration. He gave ethical reasons for this.
As per Eleconomista, Martin considers it an opaque currency that cannot be declared in the tax filing. The President has not yet disclosed the number of bitcoins acquired by the council. It was reported that the liquidation could yield almost one million euros ($1.17million). This could account for 20 BTC.
In an interview with the Canarias island’s local radio, President Martin said the council realized an audit of the 70 public companies related to the local government. As per these findings, the President felt that it was not ethical that public entities dealing with cryptocurrencies.
Martin further shared with Elconomista that there are many possibilities that there could have been a bitcoin bank at ITER, which would have the possibility to have a warehouse. These are strange situations. But that is not one of the biggest problems with bitcoin. This is a part of a series of issues that we have been encountering. Martin believes that bitcoin is a currency that is not accountable to the treasury. It will not be easy to manage it by the island.
The island council of Tenerife’s Vice President Enrique Arriaga informed that inquiries are made with the alleged irregularities with ITER. It will be clarified early and the role of the BTC in the wrongdoings.
Reactionary movements
Social media was abuzz with the reactions made to Martin’s statements against bitcoin. Isidro Quintana, a local gaming entrepreneur, Oxford, and Stanford’s graduate, criticized via Twitter the Tenerife’s government’s measure. He suggested that bitcoin can be used smartly to improve 70% of young unemployment.
With a background in journalism, Ritika Sharma has worked with many reputed media firms focusing on general news such as politics and crime. She joined The Coin Republic as a reporter for crypto, and found a great passion for cryptocurrency, Web3, NFTs and other digital assets. She spends a lot of time researching and delving deeper into these concepts around the clock, and is a strong advocate for women in STEM.
