Bitcoin News and Finance
Spanish Island Government Decides to Sell Its Bitcoin Investment by Citing ‘Ethical’ Reasons Skip to main content

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

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 not think it is appropriate for a Cabildo of the island to manage it.

In the same line, Enrique Arriaga, the Island Council of Tenerife’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 Investment’s Selling by the Local Government

The reaction on social networks to Martin’s statements came fast. Specifically, Isidro Quintana, a local gaming entrepreneur, Oxford & Stanford’s graduate, criticized via Twitter the measure taken by Tenerife’s government.

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

Pedro Martín, 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 Tenerife’s government of selling bitcoin’s investment? Let us know in the comments section below.

Labels:

Comments

Post a Comment

Popular posts from this blog

Custodial Lightning Network Service Attack Discovered by LN ‘Newbie’ — Hacker Strikes 6 LN Custodians

On September 18, a Redditor posted to the r/bitcoin forum and explained how he discovered a way to “attack [the] lightning Network’s custodial services.” The Reddit account dubbed “Reckless Satoshi” wanted to figure out if a “discrepancy between real routing fees and service’s transaction fee can be exploited for a profit.” The researcher disclosed that he wanted to see how large the damage could be and said “it is bad.” 6 Lightning Network Custodial Services Attacked, Researcher Discloses Findings to Offenders Prior to Public Disclosure A Redditor called Reckless Satoshi published a disclosure post on r/bitcoin this past Saturday and disclosed how he had found a vulnerability with routing fees and some of the Lightning Network’s custodial services. The research attack was done in good faith and after it was complete he disclosed the bugs to the offending services before publishing his findings. Reckless Satoshi used the Lightning Network (LN) attack on six different services incl
Post a Comment
Read more

Axie Infinity Down 40% Since Last Week’s Price High, Protocol Revenue Outshines Competitors

Last week, the game token leveraged within the Axie Infinity gaming universe skyrocketed to all-time highs, while other crypto markets remained extremely lackluster. During the last seven days, Axie Infinity’s platform token has dropped significantly in value shedding more than 12%. Meanwhile, the game platform’s smooth love potion token has slid over 8% over the last 24 hours. Axie Infinity Down More Than 40% Since All-Time High Not too long ago, the axie infinity (AXS) token was a topical conversation because it reached an all-time high on July 15. At the time, AXS managed to capture $28.93 per unit and since then it has shed 12.8% during the last seven days. The axie infinity (AXS) token is used within the blockchain-based game that involves battles between token-based creatures called “Axies.” AXS is used for the game’s governance system as well as other actions within the game. At the time of writing axie infinity (AXS) is exchanging hands for $16.70 per coin. AXS/USD on Ju
Post a Comment
Read more

Play-to-Earn Game From Polker (PKR) Exchange Listing – Endorsed by Akon

The Play-to-Earn NFT based Polker.Game ‘s native token $PKR has been officially listed on the popular centralized exchange BitMart. Polker.game has been in the spotlight recently as Akon, the American R&B superstar and record producer gave his official endorsement of polker stating that the “game is revolutionary” and that Polker is “hands down.. the best play to earn, NFT game in the space.”. With the BitMart listing and celebrity endorsement from Akon, Polker is perfectly positioned to become a major player in the Play-to-Earn league. Watch Akon’s Video Here What is Play-to-Earn? Although not a new concept, play-to-earn has become a trending term due to the popularity of the NFT game AXIE infinity. In the past, previous play-to-earn games have also achieved success – however, thanks to the huge amount of development in the blockchain space in recent years the gaming experience is now massively improved. Play-to-Earn games are essentially free to play and open to anyone and
Post a Comment
Read more

China to Crack Down on Copyright Infringement Through NFTs

Authorities in China are going after creators of digital collectibles based on other people’s works of art, the use of which was not authorized. The government offensive is part of a campaign to combat online copyright infringement and piracy with the participation of several departments. Regulators in China Move to Strengthen Copyright Supervision of Online Platforms The National Copyright Administration of China (NCAC) has recently launched a campaign against copyright infringement and piracy on the internet, together with the Ministry of Industry and Information Technology, the Ministry of Public Security, and the State Internet Information Office of the People’s Republic. A major objective of the initiative is to improve copyright supervision of online businesses by investigating cases involving the sale and distribution of infringing products on short video, live broadcast and e-commerce platforms, and promptly dealing with infringing content, the agency announced in a press r
Post a Comment
Read more
Blogarama - Blog Directory