Share this article
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.
Updated Sep 14, 2021, 10:49 a.m. Published Dec 29, 2020, 12:20 p.m.
Make us preferred on Google
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
Don't miss another story.Subscribe to the Crypto Daybook Americas Newsletter today. See all newsletters
- 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
More For You
More For You
Bitcoin sinks to $66,000, U.S. stocks lose steam as Fed minutes mention possible rate hike
Bitcoin is now on track for its fifth consecutive weekly decline, and losing this level could open the floor for a fresh leg lower.
What to know:
- Bitcoin fell back to $66,000 on Wednesday afternoon, testing the lower end of its recent trading range.
- Crypto-related stocks reversed early gains, with Coinbase swinging from a 3% morning rise to a 2% loss and Strategy slipping about 3%.
- Surprisingly hawkish Fed minutes had the U.S.dollar strengthening, putting pressure on risk assets.
Top Stories
