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Home Latest News Business Spanish City Lebrija will Launch Local Virtual Currency ‘Elio’ as Form of...

Spanish City Lebrija will Launch Local Virtual Currency ‘Elio’ as Form of Stimulus

The city council of Lebrija has created a virtual currency ‘Elio’ that can only be used for payments made to small and medium businesses, according to a report by Diario de Sevilla.

According to the report, Lebrija has created the virtual currency to support economic activity during the Covid-19 pandemic.

According to Coindesk, one Elio is equivalent to one euro and nearly 600 families will receive between €20 ($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.

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SourceCoinDesk

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