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Spanish City Lebrija Launches Local Virtual Currency ‘Elio’ as Form of Stimulus
The elio can only be used for payments to small and medium-sized businesses.
The city council of Lebrija has created a virtual currency, elio, that can only be used for payments made to small and medium-sized businesses, according to a report by Diario de Sevilla.
STORY CONTINUES BELOW
- Lebrija has created the virtual currency to support economic activity during the COVID-19 pandemic, according to the report.
- One Elio is equivalent to one euro and almost 600 families will receive between €20 (US$24.50) and €200 ($244.96), which can only be spent in local businesses using an app.
- The deadline to use the elio was Dec. 31 but, according to the report, this has been extended until March 31, 2021.
Read more: Spain’s Second-Largest Bank Will Soon Launch Crypto Services: Sources
Tanzeel Akhtar
Tanzeel Akhtar has contributed to The Wall Street Journal, BBC, Bloomberg, CNBC, Forbes Africa, Financial Times, The Street, Citywire, Investing.com, Euromoney, Yahoo! Finance, Benzinga, Kitco News, African Business Magazine, Hedge Week, Campden Family Office, Modern Investor, Spear's Wealth Management Magazine, Global Investor, ETF.com, ETF Stream, CIO UK, Funds Global Asia, Portfolio Institutional, Interactive Investor, Bitcoin Magazine, CryptoNews.com, Bitcoin.com, The Local, The Next Web, Mining Journal, Money Marketing, Marketing Week and more. Tanzeel trained as a foreign correspondent at the University of Helsinki, Finland and newspaper journalist at the University of Central Lancashire, UK. She holds a BA (Honours) in English Literature from the Manchester Metropolitan University, UK and completed a semester abroad as an ERASMUS student at the National and Kapodistrian University of Athens, Greece. She is NCTJ Qualified - Media Law, Public Administration and passed the Shorthand 100WPM with distinction. She does not currently hold value in any digital currencies or projects.
