Torrevieja Aims to Lead Europe as First Crypto-Friendly City via Digital Commerce Initiative
Summary:
Torrevieja, a city in Spain's Alicante province, plans to become Europe's first crypto-friendly city by allowing businesses to accept digital currencies. The initiative is a collaborative venture between the local commerce department and the city's small and medium merchant association (APYMECO). Utilising blockchain technology, the city will digitise its local commerce, promote nature conservation and support job creation in the tech sector. These efforts aim to normalise digital payments in a country already open to cryptocurrencies. Spain saw a 56% increase in registered crypto businesses in 2023 and has introduced new laws to tax its cryptocurrency owners.
With a population of 82,000, Torrevieja, a prominent tourist destination in Spain's Alicante province, plans to make strides in becoming "Europe's first city receptive to cryptocurrency," by enabling its retailers to take digital currencies. The city's administration declared this ambitious digital transformation initiative on Feb. 6 via its official website. This project involves the joint efforts of the Torrevieja City Council's Department of Commerce and the Association of Small and Medium Merchants of Torrevieja (APYMECO). To make Torrevieja the premier "crypto-accepting" city on the European continent, APYMECO and the Department of Commerce will utilize blockchain technology to digitize local trade. The initiative will commence with a phase dedicated to fostering commerce through cryptocurrencies as means of transactions. The goal is to make it possible for customers to purchase goods and services using cryptocurrencies and “other crypto assets.” Subsequently, the city plans to focus on restoring “natural spaces” and boosting job creation and funding in the tech sector.
Rosario Martínez Chazarra, the City's Councilor for Commerce, aspires that these strategies will incentivize cryptocurrency holders. And to enhance its digital ambitions, the University of Alicante is set to introduce bespoke courses on digital payments for local businesses. APYMECO's president, Jorge Almarcha, underlined that “cryptocurrency payments have been legal in Spain since 2015,” but there hasn't been a focused effort to normalize digital payments. In Spain, cryptocurrency, including Bitcoin, is not recognized as legal tender. However, Spain generally remains accepting towards the crypto industry. According to reports, Spain marked a 56% increase in registered crypto businesses in 2023. Globally, based on the number of Bitcoin ATMs, Spain ranks fourth after the US, Canada and Australia, boasting 309 machines. The Spanish government is also keen on taxing its cryptocurrency owners. The new virtual asset taxation law mandates that residents possessing any cryptocurrency on foreign platforms must declare them by March 31.
Published At
2/12/2024 11:02:29 AM
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