Could Torrevia be the first crypto-friendly city in Europe?
Torrevia, a tourist attraction in Alicante province with a population of 82,000, plans to become “the first crypto-friendly city in Europe” by allowing its shops to accept cryptocurrencies.
On February 6, the official website of the Torrevieja administration announced the city's “great digital transformation project” in collaboration between the Department of Commerce of the City Council of Torrevieja and the Association of Small and Medium Businesses of Torrevieja.
To turn Torrevieja into the most crypto-friendly city in Europe, the local government and businesses will use blockchain technology to digitize local commerce.
The first chapter focuses on “promoting business” using cryptocurrencies in transactions, allowing customers to pay cryptocurrencies and “other crypto assets” for products and services.
In two other phases, the city will try to recover “natural areas” and create new jobs and provide financial support to companies in the technology sector.
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Rosario Martinez Chazara, a member of the local Chamber of Commerce, expressed hope that the measures would encourage crypto holders. She also indicated that the University of Alicante will launch special digital payment courses for local businesses.
Jorge Almarcha, president of the Association of Small and Medium Businesses, emphasized that “in Spain it has been legal to pay with cryptocurrencies since 2015”, but no attempts have been made to democratize digital payments.
Bitcoin (BTC) or any other cryptocurrency do not have legal tender status in Spain. However, the country has remained relatively open to the crypto industry. In the year The number of crypto companies officially registered to operate in Spain by 2023 has grown by an estimated 56 percent. The country has the fourth largest number of Bitcoin ATMs globally, behind the United States, Canada and Australia, with 309 machines.
The Spanish government is also busy collecting taxes from crypto holders. Even residents who hold any crypto assets on non-Spanish platforms will have until March 31 to declare them under new rules governing the taxation of digital assets.
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