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by
Wayne Jones
on
December 30, 2020 Regulation
Lebrija city, municipality of Spain located in Andalusia’s autonomous community, has introduced a cryptocurrency named Elio pegged with Euro. The move will support local transactions among residents and merchants.
A Fruitful Adoption of Elio
In Madrid,
Europa Press, a news agency, said Elio cryptocurrency would empower the City Council of Lebrija to dispatch economic aid to 593 selected beneficiaries. The move will take into consideration the monthly income and number of kids, with recipients getting support between 50 to 200 euros for local consumption. The City Council has also announced an economic aid of 393 to 400 Euros worth of Elio to locals under the Municipal Reactive Plan.
Spanish Municipality Creates Its Own Cryptocurrency to Boost Economy Hurt by Coronavirus Crisis
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.
Spain’s Sevilla Municipality Launches ‘Elio’ Cryptocurrency to Boost Local Economy
According to Europa Press, the City Council of Lebrija created “Elio,” 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.