PLAYA de PALMA will soon be the first European tourist destination set up to trade in cryptocurrency, it has been claimed.
An agreement has been signed between Palma Beach and Criptoarea for a pilot programme that will allow people to spend their online ‘virtual’ currencies in the area.
CEO of Criptoarea, Jaime Martinez said: “This pilot experience will begin to be operational before July 15 in the tourist area. There will be an ATM to change crypto coins into euros and dataphones in restaurants to use cryptocurrencies.”
Martinez says that Criptoarea is the first Spanish company “to provide exchange and payment services in the tourism sector through systems and equipment designed for the adoption of the new digital economy”
In the first phase of the project a cashpoint will be installed at Chalet Siena and dataphones will be installed in three restaurants.
The dataphones convert euros into cryptocoins and vice versa instantly and have been developed in Mallorca by the company.
Once the pilot is finished in September, it is intended to expand the project into all sectors of commerce and across Spain.