Torrevieja, a bustling tourist destination nestled in Spain’s Alicante province and home to approximately 82,000 residents, is setting its sights on becoming the inaugural "crypto-friendly city" in Europe by embracing cryptocurrency payments in its local stores.
In a groundbreaking move announced on February 6 via the official website of the Torrevieja government, the city unveiled its ambitious digital transformation initiative. This collaborative effort involves the Torrevieja City Council's Commercial Department joining forces with the Torrevieja Small and Medium-sized Businessmen Association to embark on various cooperative projects.
The overarching goal of Torrevieja's endeavor is to harness blockchain technology to digitize the city's commerce landscape. The initial phase will prioritize streamlining transactions by enabling the acceptance of cryptocurrencies as payment for goods and services, alongside other crypto-assets, thereby enhancing convenience for customers.
Subsequent phases will focus on rejuvenating natural spaces and fostering the growth of employment opportunities while facilitating financing avenues for technology-oriented enterprises. Rosario Martínez Chazarra, the Local Commerce Councilor, expressed optimism that these initiatives would incentivize cryptocurrency adoption. Additionally, plans are underway for the University of Alicante to develop specialized digital payments courses tailored to local businesses.
Jorge Almarcha, president of the Association of Small and Medium Merchants, highlighted the legality of cryptocurrency payments in Spain since 2015 but lamented the lack of initiatives aimed at democratizing digital transactions. Although Bitcoin holds no legal tender status in Spain, the country maintains a relatively favorable stance toward the crypto industry.
In 2023, the number of officially registered cryptocurrency companies operating in Spain surged by approximately 56%. Furthermore, Spain ranks fourth globally in terms of Bitcoin ATMs, trailing only the United States, Canada, and Australia, with a total of 309 Bitcoin ATMs nationwide.
Moreover, the Spanish government has honed its focus on regulating cryptocurrency taxation. Under newly enacted legislation governing the taxation of digital assets, residents holding any crypto assets on non-Spanish platforms must declare them by March 31 to comply with tax obligations.
