Torrevieja is going to be a pioneer in the digital economy by accepting cryptocurrency payments.
The stunning Spanish city of Torrevieja is aiming to become a global leader in the use of digital currencies such as Bitcoin in order to modernize and “crypto-friendly” its economy. The local merchant association APYMECO is in charge of this initiative.
Their goal is to facilitate the use of digital currencies as a payment method by businesses. The basic premise is that consumers should be able to use digital money to buy items and services, thereby bridging the gap between the digital and traditional worlds. This is a significant improvement for local businesses, according to Rosario Martínez Chazarra, the city’s Commerce Councilor, as it facilitates the usage of digital money.
Although digital currency payments have been legal in Spain since 2015, APYMECO President Jorge Almarcha said that the country is just now attempting to utilize them for ordinary purchases. Digital currencies are gaining popularity in Spain.
According to research, 17% of the population has either owned or utilized cryptocurrency. In El Salvador and Switzerland, Lugano is a model that Torrevieja is trying to emulate.
Lugano is a contemporary financial metropolis that accepts Bitcoin and Tether as payment for municipal fees. The Central American country of El Salvador is constructing a Bitcoin city where residents may become citizens via cryptocurrency contributions and are exempt from paying taxes.
By mining Bitcoin using renewable energy, this city might contribute to the national economy during the next Bitcoin halving in April 2024. These actions taken by several countries demonstrate a significant shift towards using digital currency in economic systems. There will be more digital banking in the future, and Torrevieja is attempting to get there just like these other towns.