Connect with us

Hi, what are you looking for?

Economy

Spain Sets Its Sights on Developing First “Crypto-Friendly” City in Europe

Torrevieja, a coastal city in southeastern Spain, has launched an ambitious initiative to become Europe’s first “crypto-friendly” city, according to a February 6 statement.

The Association of Small and Medium-sized Merchants of Torrevieja (APYMECO), in partnership with the Torrevieja City Council’s Department of Commerce, has introduced a three-phase plan designed to transform Torrevieja into the continent’s premier blockchain-powered, “crypto-friendly” hub.

A Three-Phased Endeavor To Create Europe’s First Crypto-Friendly City


Phase one of APYMECO’s plan concentrates on promoting trade by using cryptocurrencies and other related assets for payment. Shoppers will be able to purchase the city’s goods and services with their digital holdings.

The second phase will entail “generating a positive impact on the environment,” with the primary objective of “focusing on sustainability.”

In the third and final phase, APYMECO’s project will establish programs to create new jobs and provide funding within the technology sector to greatly boost Torrevieja’s businesses and employment outlook.

Apymeco convertirá a Torrevieja en la primera ciudad “Crypto Friendly” de Europa

Más info https://t.co/L8Wkn92CBP#poryparatorrevieja pic.twitter.com/pmhpZlqnue

— Ayuntamiento de Torrevieja (@TorreviejaAyto) February 6, 2024

APYMECO President Jorge Almarcha highlighted that Spain legalized cryptocurrency payments in 2015. This recent project marks the first time digital assets will become standard payment options across the region, however. Almarcha believes the “unprecedented” plan will “attract wealth” and bolster the ICT sector.

Democratizing Digital Asset Payments


Data from blockchain analyst Chainalysis shows that Central, Northern, and Western Europe (CNWE) constitutes the second-largest global cryptocurrency economy. From July 2022 to June 2023, this region represented 17.6% of all transaction volume worldwide.

European cryptocurrency regulations are set for major changes as the Markets in Crypto-Assets Act (MiCA) nears its July 2026 implementation deadline.

Shortly after Spain’s vice president Nadia Calviño met with European Securities and Market Authority president Verena Ross, the country announced its plans to implement MiCA half a year early in December 2025.

Spain Address Crypto-Related Challenges


Torrevieja’s new crypto strategy follows recent news from Barcelona, where Spanish authorities arrested an individual on January 31st, 2024, on suspicion of collecting and distributing cryptocurrency to fund Daesh (also known as ISIS or ISIL) operations.

“The Civil Guard Information Service has implemented investigative activities on this new method of value transmission to prevent and detect that it could be destined for the financing of terrorist activities,” Spain’s Ministry of the Interior stated in a press release.

The timeline for Torrevieja’s crypto-friendly city transformation has not yet been announced.

The post Spain Sets Its Sights on Developing First “Crypto-Friendly” City in Europe appeared first on Cryptonews.

Your information is secure and your privacy is protected. By opting in you agree to receive emails from us. Remember that you can opt-out any time, we hate spam too!

Latest

Economy

AfreecaTV BJ (broadcast jockeys) stars have become the latest targets of increasingly sophisticated South Korean crypto scammers. Asia Kyungjae reported that the Seoul Central...

News

President Joe Biden is 81 years old, setting a record as the oldest president in history. The following is a list of celebrities who...

News

President Joe Biden is 81 years old, setting a record as the oldest president in history. The following is a list of celebrities who...

News

With eight months until Election Day, former President Trump carries voters who say either the economy or immigration is their priority voting issue, and...

News

With eight months until Election Day, former President Trump carries voters who say either the economy or immigration is their priority voting issue, and...

News

Former U.N. Ambassador Nikki Haley questioned whether former President Donald Trump would follow the Constitution if elected again and refused to say whether she...

You May Also Like

Financial Advisors

[#item_full_content]

Financial Advisors

[#item_full_content]

Financial Advisors

The humongous outbreak of the dreaded coronavirus has brought about a groundbreaking change in what the world perceived as ‘normal’. With an estimated 280,391,189...

Disclaimer: Respect Investment.com, its managers, its employees, and assigns (collectively "The Company") do not make any guarantee or warranty about what is advertised above. Information provided by this website is for research purposes only and should not be considered as personalized financial advice. The Company is not affiliated with, nor does it receive compensation from, any specific security. The Company is not registered or licensed by any governing body in any jurisdiction to give investing advice or provide investment recommendation. Any investments recommended here should be taken into consideration only after consulting with your investment advisor and after reviewing the prospectus or financial statements of the company.

Copyright © 2024 Respect Investment. All Rights Reserved.