Spanish City Lebrija Launches 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.

  • 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 ($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

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