An Island Under Spain Puts Up Bitcoins For Sale For Ambiguous Reasons

Not everyone is a fan of Bitcoin or crypto assets in the Island Council of Tenerife which falls under the Spanish Government. Island’s President is currently selling Bitcoins for ambiguous reasons which his government had purchased in good times.

According to Pedro Martín who is the President of the Island Council of Tenerife, it is not necessary to keep Bitcoin in Government’s treasury.

It was reported that the President has issued orders in which the authorities concerned have been directed to dispose of Bitcoin treasury. Since the Island is part of Spain therefore its President has been chosen from Spain’s ruling party i.e. Spanish Socialists Worker’s Party.

Through the orders, Martin is seeking disposition of assets in the form of Bitcoin which are under the ownership of the Government. The Bitcoin acquisition by the Government was carried out through a company called Technological Institute of Renewable Energies. However, at that time the administration of the Island was led by its earlier President. In fact, the acquisition was done at the time when Bitcoin’s was nothing as compared to now.

Martin suggested that his Government does not need to own or hold any Bitcoin. In fact, there is no need to utilize the government funds in an asset that is considered speculative by all, said Martin. He also stated that when Bitcoins were brought into the government treasury, the ousted government did not provide any rationale. He termed the Bitcoin acquisition by earlier government as being “unethical” and “unsound” decision.

The President also went on to comment that in his view Bitcoin shouldn’t be regarded as an asset. He stated that at worst it is a “thing” that manipulates the minds of taxpayers. Because taxpayers do not need to disclose them in their annual filings, therefore, crypto assets are evil to society. No nation would ever adopt or in fact encourage any social evil like Bitcoin, commented Martin.

Annual filing is the responsibility of every taxpayer and the residents of the Island are responsible people. Martin suggested that his people should beware of Bitcoin and other products similar to Bitcoin. He urged them to join him in the fight against this social evil.

However, how many Bitcoins have been put up for sale, is still unknown. Yet it has been estimated by the Government that the sale would earn proceeds amounting to 1 Million Euros (or 1.17 Million Dollars). If this amount is converted into today’s rate of Bitcoin, then it seems that in Government’s treasury there are at least 19 to 20 Bitcoins.

Although the President is quite concerned about crypto, however, the view of the residents is the total opposite of the President. As per one report, there is a possibility that a crypto bank will be launched on the Island. There is definitely serious uncertainty regarding crypto within the Government and its President.