Spain was among the first nations to explore the idea of national cryptocurrencies, launching Spaincoin in 2014

The addition of 4000 bitnovo locations illustrates a growing demand and increasing normalization of bitcoin, cryptocurrency, and blockchain technology in Spain.

Spain was among the first nations to explore the idea of national cryptocurrencies, launching Spaincoin in 2014 shortly after the Icelandic rollout of Auroracoin.

Although the project appears to have been dormant for several years now, Spaincoin saw Spanish officials become one of the first states to promote and encourage cryptocurrency adoption – likely having positive ramifications for the development of the local bitcoin economy.

In the recent week several major Spanish banks, law firms, and corporations have announced the formulation of a blockchain consortium that will explore applications for blockchain technology in multiple sectors of Spain’s economy. 2017 also saw the launch of Holytransaction Trade – a cryptocurrency wallet provider that facilitates bitcoin to Euro transactions at any Spanish ATM.

Many are speculating that instability within Spanish financial markets is driving sustained growth in bitcoin adoption. The recent bank bailout of Banco Popular saw the institution purchased by Santander for just 1 euro – suggesting that Spain’s banking sector still has not recovered from the 2008 global financial crisis.