Torrevieja Moves to Become Spain’s Cryptocurrency City

In a pioneering initiative, Torrevieja, a picturesque town in Spain, is paving the way to transform itself into a center of excellence for the use of cryptocurrencies. Aiming to revitalize its economy and embrace modernity, the city is actively promoting the use of digital currencies like Bitcoin in order to facilitate commercial transactions and attract a new wave of digital consumers.

Local trade association, APYMECO, is at the forefront of this innovative movement, encouraging merchants to adopt cryptocurrencies as a payment method. This effort not only aims to connect traditional commerce with the digital world but also to simplify the lives of those who prefer digital money. According to Rosario Martínez Chazarra, the city’s Commerce councilor, this strategy represents a big step for local commerce, facilitating transactions for cryptocurrency users.

Since the legalization of payments with digital currencies in 2015 in Spain, there has been a growth in the use of these currencies, but it is now that Torrevieja really wants to integrate them into everyday transactions. Jorge Almarcha, president of APYMECO, highlighted the importance of this moment, with a recent study indicating that 17% of Spaniards already have or use digital money.

Torrevieja looks to international examples, such as Lugano in Switzerland and El Salvador, which have adopted similar initiatives. Lugano allows the payment of municipal taxes with Bitcoin and Tether, while El Salvador develops a special city for Bitcoin, offering tax incentives and citizenship for donations in cryptocurrencies. Additionally, El Salvador plans to use geothermal energy for Bitcoin mining, aiming to strengthen its economy.

These actions reflect a global trend towards adoption of digital money, with Torrevieja aspiring to become a model for the digital financial future. The city hopes to not only attract innovation but also establish itself as a leader in the use of cryptocurrencies in Spain.

Disclaimer:

The views and opinions expressed by the author, or anyone mentioned in this article, are for informational purposes only and do not constitute financial, investment or other advice. Investing or trading cryptocurrencies carries a risk of financial loss.