A city in the Spanish province of Seville has launched its own cryptocurrency to encourage residents and businessmen to trade with it amid the economic impact of the coronavirus.

The municipality of Seville, Spain, launches the “Elio” cryptocurrency to boost the local economy

According to a report by Europa Press, Lebrija City Council has created “Elio”, an encrypted asset linked to the price of the euro, which will serve as a tunnel for transmitting economic assistance to stimulate local consumption. The price of each channel is between 50 and One of 593 selected beneficiaries between 200 Euros (61 to 244 USD). The selection criteria took into account their monthly income and the number of children.

In addition, as part of the “Municipal Response Plan”, before the end of this year, 393 local companies will receive 400 euros (488 U.S. dollars) in financial assistance in Erio.

The mayor of Lebrija, Pepe Barroso, said that the creation of Elio will ensure that financial aid is “direct investment in local businesses.” In fact, Barroso refers to the mobile application that people use to process Elio transactions, available in the Google Play Store and App Store.

The report further explained the expectations of using Elio to promote local consumption:

With this help, families will be able to purchase products or services in stores in the city, exchange the balance of the balance for half of the purchase amount through virtual currency, and pay the other half as usual. The purpose is to “create a multiplier effect on the incentives provided by the city council.”

How much is Elliot?

So far, more than 165 merchants have accepted Elio as a payment method. If other companies want to join, Barroso said they can still do this at any time. He also clarified that one euro is equal to one euro.

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Spain has already witnessed some year-end actions in its local encryption industry. In October 2020, news.Bitcoin.com reported that the Spanish government approved a bill requiring cryptocurrency owners to disclose their cryptocurrency holdings and any gains from their assets.

What do you think of this new Spanish cryptocurrency? Let us know in the comments section below.

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