Torrevieja Aims to Become Europe's First Crypto-Friendly City

Twitter icon  •  Published 1 week ago  •  Nikolas Sargeant

Torrevieja, Spain, aims to be Europe's first crypto-friendly city, allowing local businesses to accept digital currencies reshaping its economic landscape.

Torrevieja, a Spanish city renowned for its tourism, is on a path to redefine its economic ecosystem through an ambitious digital transformation project. This collaboration, spearheaded by the Department of Commerce of Torrevieja City Council and the Association of Small and Medium Merchants of Torrevieja, aims to position the city as a leader in cryptocurrency adoption in Europe.

On February 6, the Torrevieja administration unveiled the first phase of this transformation, which focuses on promoting local commerce through the integration of blockchain technology. Torrevieja aspires to attract crypto enthusiasts and usher in a new era of digital payments within the city by allowing stores to accept cryptocurrencies in transactions.

Local Councilor for Commerce, Rosario Martínez Chazarra, expressed optimism that these measures would incentivize crypto owners, further emphasizing the commitment to digital innovation. Additionally, the University of Alicante is set to contribute to the initiative by launching specialized digital payment courses for local businesses, fostering a deeper understanding of cryptocurrency transactions.

Torrevieja's Multi-Phase Approach to Cryptocurrency Adoption

Torrevieja's digital transformation project unfolds in three distinct phases. The initial phase centers on promoting commerce encouraging the use of cryptocurrencies in day-to-day transactions. Customers will have the opportunity to pay for products and services using a variety of cryptocurrencies and other crypto assets.

In subsequent phases, the city aims to reclaim natural spaces and stimulate job creation, particularly in the technology sector. These comprehensive efforts underscore Torrevieja's commitment to not only embracing cryptocurrency but also leveraging its potential for economic and environmental revitalization.

Spain's Cryptocurrency Landscape and Regulatory Outlook

While neither Bitcoin nor any other cryptocurrency holds legal tender status in Spain, the country remains open to the crypto industry. In 2023, the number of officially registered crypto companies operating in Spain surged by approximately 56%. Spain ranks fourth globally in the number of Bitcoin ATMs, boasting 309 machines, trailing only the United States, Canada, and Australia.

The Spanish government's recent focus on collecting taxes from crypto holders reflects a growing acknowledgment of the digital asset landscape. New laws governing the taxation of digital assets mandate that residents, even those holding crypto on non-Spanish platforms, declare their holdings by March 31. Despite these regulatory considerations, Torrevieja's pioneering initiative signifies a progressive stance, positioning the city at the forefront of Europe's crypto-friendly destinations.

Author

Nikolas Sargeant

Nik is a content and public relations specialist with an ever-growing interest in Crypto. He has been published on several leading Crypto and blockchain based news sites. He is currently based in Spain, but hails from the Pacific Northwest in the US.

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