From El Salvador making Bitcoin legal tender to China implementing its own digital RMB, Spain now makes headlines with an aggressive push to build Europe’s first crypto-integrated city. Smart cities are also on the rise, but not all of them will be fully powered by cryptocurrencies.
We can call this a digital transformation project, but it’s certainly much more than that.
A Tourist Destination and a Promise for Crypto
The booming tourist getaway of Torrevieja is a Spanish, Mediterranean retreat. It sits on Costa Blanca and holds a competitive place in being a go-to for remote workers also. The tourist life is already booming, but the city’s leaders hope to grow and attract more businesses.
The city’s local commerce department is partnering with various merchants to revolutionize how Europe evolves within a digital society. Crypto is the focus, and accessibility is the aim.
With a population just over 80,000, Torrevieja has brought together the likes of the University of Alicante, the Association of Small and Medium Merchants and the Department of Commerce of Torrevieja City Council together. The project isn’t an isolated matter to say the least.
Promoting New Jobs, Better Business and Bigger Investments
By powering an entire city through crypto, Torrevieja aims to boost its local commerce, thus expanding upon who can spend in its city limits. The plan is both ambitious and simple; cities around the world miss out on new revenue because they don’t facilitate crypto transactions.
As a tourist destination, however, Torreviaje might easily become an ideal getaway since crypto users won’t have to convert fiat bills and thus save on fees. The Euro is currently and historically up on the Dollar, making a crypto powered city in Europe cheaper even for Americans.
Even more, Rosario Martinez, Torrevieja’s Councilor of Commerce, wants anyone holding crypto to be incentivized to visit her district. If people often find it hard to spend crypto, now they won’t.
Attracting Developers In Search of a New Getaway
Another strategic agenda behind this move is to attract businesses that want to develop cryptocurrency projects. The incentive for such companies is not just to develop from a great location but to enter an economy without having to open a local bank account.
Spain is also still behind on taxing cryptocurrency holdings.
Businesses that work within the crypto sphere could gain access to other businesses that can help, meaning power, their enterprises. This is because everything is likely to operate on crypto, so developing and innovating blockchain technology would become a cinch.
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