Spanish Tenerife council sells Bitcoins
The Tenerife Island Council, headed by President Pedro Martin, has ordered the sale of its crypto-investments.
Authorities on the Spanish island announced the sale of bitcoin investments, citing "ethical" reasons. Martin noted that the main cryptocurrency on the market has not yet become a "sufficiently transparent" currency, which can be declared in tax reports. He then signed an order to eliminate funds invested by the Renewable Energy Institute.
The president of the Tenerife council has not disclosed the exact number of bitcoins they have bought previously, but according to some reports, their sale could fetch about 1 million euros or $1.17 million.
Reaction to the decision of the authorities in social networks quickly took on a negative connotation. Among those outraged was Isidro Kintana, a Spanish businessman who graduated from Oxford and Stanford, who criticized the local government's actions on Twitter.