- Torrevieja, Spain aims to become Europe’s first crypto-friendly city by allowing stores to accept cryptocurrency payments.
- The city hopes that accepting crypto will incentivize crypto owners to spend their holdings and pave the way for greater adoption.
- The University of Alicante will offer courses on digital payments to help local businesses accept crypto.
The city of Torrevieja, located in Spain’s Alicante province, is embarking on an ambitious project to become the first crypto-friendly city in Europe. With a population of around 82,000, Torrevieja is a popular tourist destination known for its beaches, salt lakes, and lively expat community.
Allowing Crypto Payments
On February 6, 2023, the official website of the Torrevieja city administration announced a new collaboration between the city’s Department of Commerce and the Association of Small and Medium Merchants of Torrevieja. The goal is to transform Torrevieja into a crypto-friendly city by allowing stores to accept cryptocurrency payments.
In the first phase of the project, the city will promote commerce through the use of cryptocurrencies in transactions. This will allow customers to pay for products and services with cryptocurrencies and other digital assets. The city hopes this will incentivize crypto owners to spend their holdings.
Paving the Way for Greater Adoption
Local Councilor for Commerce, Rosario Martínez Chazarra, expressed enthusiasm that these measures will pave the way for greater crypto adoption. The University of Alicante will also offer special digital payment courses for local businesses to get up to speed.
Although crypto payments are already legal in Spain, Torrevieja aims to be the first city to truly democratize their use. Currently, Spain has over 300 Bitcoin ATMs, showing an openness to crypto. The government has also implemented new tax laws aimed at crypto holders.
If successful, Torrevieja could become a model for mainstream crypto adoption across Europe. For now, the city is staking its claim as the continent’s most crypto-progressive tourist destination.