Torrevieja, a vibrant tourist spot located in Spain's Alicante province, is gearing up to introduce cryptocurrency payments for local businesses. This move is part of the city's forward-thinking "digital transformation project," a collaboration between the Torrevieja City Council's Department of Commerce and the Association of Small and Medium Merchants of Torrevieja (APYMECO).

With the aim of positioning itself as Europe's leading "crypto-friendly" city, Torrevieja will harness blockchain technology to modernize local commerce. In the initial phase of the project, cryptocurrencies will be endorsed as a means of transaction, enabling customers to buy goods and services using various crypto assets.

In subsequent stages, Torrevieja plans to revitalize local natural areas and promote the establishment of new tech-related jobs and businesses. Rosario Martínez Chazarra, Torrevieja's Councilor for Commerce, expressed optimism that the project would incentivize owners of crypto assets. Additionally, he disclosed that the University of Alicante will offer specialized courses on digital payments for local businesses.

Jorge Almarcha, president of APYMECO, highlighted that although cryptocurrency payments have been legal in Spain since 2015, there has been minimal effort to democratize digital transactions. Despite cryptocurrencies not being recognized as legal tender in Spain, the country has remained largely receptive to the crypto industry and has witnessed rapid growth in registered crypto companies, ranking fourth globally in terms of Bitcoin ATMs.

The Spanish government has intensified efforts to regulate cryptocurrency holders. New regulations now mandate that even those holding assets on international platforms must declare them by the end of March.