After 134 years in circulation, the peseta gave way to the euro in 2002. The Spanish currency that was released in 1868 said its last goodbye just a few months ago, when the Bank of Spain stopped accepting them for exchange for the European currency. In fact, it disappeared later than expected, since the Government extended its deadline to exchange them for euros by six months as a result of the coronavirus pandemic. Less than a month later, La Peseta Digital was created, a cryptocurrency that aims to remind us of the coins that we carry in our pockets for so long.

The new token has reaped a revaluation of 120,000% in a week, from Friday to Friday, thanks to the fact that its price has been collected by one of the main crypto world websites, coinmarketcap, just a few hours after appearing on another of the reference pages, Coingecko.

According to the promoters of the token, and with data from the portal, at the beginning of August La Peseta Digital had a market capitalization of 2.7 million dollars. This Friday it exceeded 115 million in that same portal, but at noon on Saturday it fell to 50 million.

In any case, some investors have already obtained a juicy return. According to the same portal, a crypto wallet has already sold La Peseta Digital for a value greater than 30,000 dollars and another for more than 27,000.

Stock chart of La Peseta Digital from December 13 to 18. Source: Trading View.

But where did this new cryptocurrency come from? The promoters announced yesterday the creation of a limited company, called Cripto Digital SL, located in the Mallorcan municipality of Inca. According to the commercial register, with a share capital of 63,800 euros, the purpose of the company created at the end of September is “the sale of bitcoins and in general of any type of virtual currencies in exchange for commission through internet platforms”, as well as the “commercialization of all kinds of computer products”.

In this sense, this newspaper has been able to trace its origin to a small computer store in the municipality, Kuuzam, which already in November 2020 announced that it accepted payments in cryptocurrencies. Soon after, in May, they offered to advise those interested in buying cryptocurrencies, and in July they talked about it being their “most exciting and ambitious project.” The CEO of La Peseta, Luis Miralles, is also the general manager of Kuuzam.

From the website they indicate that La Peseta is a decentralized finance project (DeFi) created in the Binance Smart Chain network to be used as a form of payment. They have issued 47 billion cryptocurrencies “in honor of the 47 million Spaniards,” of which only 78% circulate. To buy them it is necessary to have a digital wallet in TrustWallet and funds in Binance, one of the main crypto exchanges. Your sale can currently be made on Latoken, PancakeSwap, Dexguru and PooCoin.

The cryptoactive project is also a sponsor of the futsal club in its city of origin, the Ciutat D’Inca Futsal, which plays in the regional first division and to which Miralles himself is linked.

Another ‘nostalgic’ crypto project

The new ‘cryptopeseta’ is not, however, the first to appeal to the currency used by the Spanish throughout the 20th century. Already in 2014 a cryptocurrency called Pesetacoin was born, which in May of this year was renamed Peseta Digital. After a few first weeks of speculative euphoria that took it to exceed $ 0.08 per token, its value fell below 0.0004 euros between 2015 and until mid-2017, when it began to rebound, reaching record highs in January. this year above 0.17 euros per token.

In this case, the number of coins issued is 166,386,000 ‘digital pesetas’, in commemoration of the change to the euro in 2002, which was 166,386 pesetas. With an issuance system similar to bitcoin, the last of this type of ‘digital pesetas’ is expected to be minted in 2029. At a price of $ 0.0008, its current market capitalization is $ 122,000, one thousandth of the one achieved this Friday by its namesake.

More than 1,500 million euros in pesetas have not been exchanged