Torrevieja, a bustling tourist destination in Spain’s Alicante province with a population of 82,000, aims to pioneer as “the first crypto-friendly city in Europe” by enabling its stores to accept cryptocurrencies.
On Feb. 6, the official website of the Torrevieja administration unveiled the city’s “ambitious digital transformation project.” This initiative is a joint effort between the Department of Commerce of Torrevieja City Council and the Association of Small and Medium Merchants of Torrevieja.
Torrevieja plans to leverage blockchain technology to digitize local commerce and foster crypto acceptance among businesses.
The initial phase concentrates on encouraging commerce through cryptocurrency transactions, allowing customers to use cryptocurrencies and other digital assets for payments. Subsequent phases will focus on environmental conservation and job creation within the technology sector.
Rosario Martínez Chazarra, the Local Councilor for Commerce, anticipates that these measures will motivate cryptocurrency holders. Additionally, the University of Alicante will offer specialized digital payment courses for local businesses.
While neither Bitcoin nor any other cryptocurrency holds legal tender status in Spain, the country maintains an accommodating stance toward the crypto industry. The number of registered crypto companies operating in Spain surged by approximately 56% in 2023. Moreover, Spain ranks fourth globally for the number of Bitcoin ATMs, boasting 309 machines.
The Spanish government has shown interest in regulating and taxing cryptocurrencies. New laws mandate residents to declare any crypto assets held on non-Spanish platforms by March 31, reflecting efforts to ensure compliance with digital asset taxation regulations.
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