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A municipality in the province of Sevilla, Spain, has launched its own cryptocurrency, which aims to encourage residents and merchants to arrange transactions with it in the midst of the coronavirus-driven economic impact.<\/strong><\/p>\n According to Europa Press<\/a>, the City Council of Lebrija created \u201cElio,\u201d a crypto asset pegged to euro price, which will act as a tunnel to send economic aids to stimulate local consumption, between 50 and 200 EUR ($61 to 244) to each one of the 593 selected beneficiaries. The criteria of selection took into consideration their monthly income and number of children.<\/p>\n Also, 393 local companies will receive a 400 EUR ($488) economic aid worth in Elio before the end of the year, as part of the \u201cMunicipal Reactive Plan.\u201d<\/p>\n Pepe Barroso, the mayor of Lebrija, said that Elio\u2019s creation would guarantee that economic aids \u201cinvest directly in local businesses.\u201d In fact, Barroso refers to a mobile application that people should use to handle Elio transactions, available in the Google Play Store and App Store.<\/p>\n The report also explains further about the expectations of using Elio for boosting local consumption:<\/p>\n With this help, families will be able to purchase products or services in shops in the city, being able to exchange half of the purchase amount with a charge to this balance through a virtual currency, and conventionally paying the other half. This is intended to \u2018achieve a multiplier effect on the incentive provided by the City Council.\u2019<\/p>\n<\/blockquote>\n <\/ins> <\/ins> <\/p>\n So far, over 165 merchants accept Elio as a payment method, and if other companies would like to join, Barroso said<\/a> they can still do it and at any time. He also clarified that one Elio equals one EUR.<\/p>\n Spain has been witnessing some year-end action in their local crypto industry. In October 2020, news.Bitcoin.com reported<\/a> that Spain\u2019s government approved a bill that requires cryptocurrency owners to disclose their crypto holdings and any gains on their assets.<\/p>\n What do you think about this brand-new Spanish cryptocurrency? Let us know in the comments section below.<\/strong><\/em><\/p>\n The post Spanish Municipality Creates Its Own Cryptocurrency to Boost Economy Hurt by Coronavirus Crisis<\/a> appeared first on Bitcoin News<\/a>.<\/p>\nSpain\u2019s Sevilla Municipality Launches \u2018Elio\u2019 Cryptocurrency to Boost Local Economy<\/h2>\n
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How Much Is an Elio?<\/h2>\n