- Lebrija, a town in Spain, has launched its cryptocurrency entitled “Elio”
- The newly launched currency will help to inject funds to boost the local economy
- Elio will help the City Council to inject the funds to local businesses directly
- Elio is pegged with Euro in terms of valuation
The City Council of Lebrija, in the province of Sevilla of Spain, has introduced its digital currency entitled “Elio.” It is known that the town aims to encourage its citizens and merchants to arrange transactions with the new cryptocurrency to boost the local economy. The new currency will aid the economy of the town, which is damaged by the global pandemic. It is also known that the cryptocurrency is pegged to the Euro.
Why did the City Council of Lebrija launch Elio?
According to the report, it is known that Elio will act as a bridge to send economic aids. Such economic aids will stimulate the local consumption of the town by paying between 50 EUR to 200 EUR ($16 to $244) to each 593 selected beneficiaries. However, such beneficiaries have been chosen by considering their monthly income and number of children. On the other hand, it is also known that 393 local companies in the town will also receive a sum of 400 euro ($488) as economic aid. However, all these necessary funds to boost the local economy will be injected via Elio. As a part of the town’s Municipal Reactive Plan, they have planned to inject all the funds before the end of this year.
Economic aids will be directly injected into local businesses
According to Pepe Barroso, the mayor of the town, the economic stimulus package will be injected directly into local businesses, which is now guaranteed by Elio’s launch. Barroso also mentioned an application to handle Elio transactions and is available in the google play store and Apple’s app store for the users. It is also known that the application will help the residents to purchase products or services in shops in the town. However, the users will be able to only exchange half of the purchase amount with a charge to this balance through Elio, and they have to pay the other half conventionally. Indeed, this can help to multiply the incentive provided by the City Council.
What is the worth of the newly launched cryptocurrency?
So far, it is known that over 165 merchants in the town are accepting Elio. According to Barroso, If other firms would like to join Elio, they can do it at any time. Barroso also clarified that Elio currency is pegged with Euro, which means Elio’s value will be equivalent to the value of Euro.
With Elio’s launch, it seems like the nation is experiencing year-end action in their local crypto sector. This year, the country had also approved a bill that requires crypto holders to disclose their total acquisitions and gains on such assets.
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