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A municipality in the province of Seville, Spain, has launched its own cryptocurrency, which aims to encourage residents and merchants to arrange transactions with it amid the economic impact caused by the coronavirus.

The Spanish municipality of Seville is launching ‘Elio’ cryptocurrency to boost the local economy

According to Europe PressLebrija City Council created ‘Elio’, a crypto asset linked to the euro price, which will act as a tunnel to send economic support to boost local consumption, between 50 and 200 EUR ($ 61 to 244) to each of the 593 beneficiaries selected. The selection criteria took into account their monthly income and the number of children.

In addition, 393 local businesses will receive EUR 400 ($ 488) in economic support in Elio by the end of the year, as part of the “Municipal Reactive Plan”.

Pepe Barroso, the mayor of Lebrija, said the creation of Elio would ensure that economic resources “invest directly in local businesses.” In fact, Barroso refers to a mobile application that people should use to handle Elio transactions, available on the Google Play Store and App Store.

The report also further explains the expectations of using Elio to boost local consumption:

With this help, families can buy products or services in stores in the city, exchange half of the purchase amount for this balance using a virtual currency, and conventionally pay the other half. This is intended to ‘achieve a multiplier effect on the stimulus from the city council’.

How much does an Elio cost?

So far, more than 165 merchants are accepting Elio as a payment method, and if other companies want to join, Barroso said they can still do it anytime. He also clarified that one Elio is equal to one EUR.

Spain has witnessed a year-end campaign in their local crypto industry. In October 2020, reported that the Spanish government has passed a bill that requires cryptocurrency owners to disclose their crypto holdings and any gains on their assets.

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

Image Credits: Shutterstock, Pixabay, Wiki Commons

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