Torrevieja sets to pioneer a digital economy by embracing crypto payments

Enormous and ‘crypto-friendly’, Torrevieja is striving to become a leader in the use of digital currency, such as Bitcoin, to modernize and bolster its economy.

This initiative is being spearheaded by APYMECO, the merchant association. Their goal is to facilitate the acceptance of digital currencies like Bitcoin as payment by retailers.

The idea is to link traditional business with the emerging digital world by allowing consumers to make purchases using digital currency.

Rosario Martínez Chazarra, the city’s Commerce Councilor, thinks that this is a major improvement for small businesses, making it simpler for consumers to use digital currency.

Though digital currency payments have been legal in Spain since 2015, according to Jorge Almarcha, President of APYMECO, the firm has only recently made a concerted effort to incorporate the technology into regular shopping. Digital currencies are being used by more people in Spain.

According to a survey, 17% of respondents said they used or owned digital currency. Torrevieja is emulating El Salvador and Lugano in Switzerland.

Lugano’s financial modernity is attributed to its payment policies, which accept Bitcoin and Tether for municipal fees.

El Salvador is developing a Bitcoin-specific metropolis where residents can apply for citizenship through cryptocurrency donations and avoid paying taxes.