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 revealed the exact number of bitcoins purchased previously, but according to some reports, their sale could fetch around 1 million euros, or $1.17 million.
The public’s reaction to the authorities’ decision quickly took on a negative tone on social media. Isidro Kintana, a Spanish businessman with degrees from Oxford and Stanford, was among those outraged, and he took to Twitter to criticize the local government’s actions.