On February 6th, a Spanish city announced very exciting crypto plans. The board of Torrevieja, a tourist attraction near Alicante, has plans to become a real crypto hub. The city of 82,000 will allow stores to accept crypto payments.
A Spanish crypto city
The plans are part of an “ambitious digital transformation project,” according to Torrevieja’s board. The first step is to “promote trade.” People can pay in stores with crypto assets. Torrevieja wants to digitize trade using blockchain technology.
It was also announced that the University of Alicante will offer courses for local companies so that they can learn more or pay with digital assets.
Future phases will focus on creating new jobs in the technology sector and generating financing for companies.
It has been legal to pay with crypto in Spain since 2015. But to date, no projects have been launched that would promote widespread acceptance. The Torrevieja crypto project is therefore a novelty.
Spain has stablecoin plans
The project is a testament to Spain’s crypto-friendly stance. For example, in 2023, the number of crypto companies in the country increased by more than 50 percent. Earlier this month, it was also announced that Spain would begin testing its own stablecoin, the EURM.
Although not explicitly mentioned, the EURM plans appear to be part of the Spanish Central Bank’s digital currency (CBDC) plans. Since 2022, the Spanish central bank, the Bank of Spain, has been working on a CBDC. In the past, the bank had announced that it would develop its own CBDC independent of European plans for a common digital euro.
It is unclear whether the Torrevieja crypto project has anything to do with this pilot and to what extent the EURM stablecoin will play a role in it.