City in Spain launched its own digital currency

The Spanish city of Lebrija in the province of Seville launched a digital currency Elio to stimulate the economy during the COVID-19 pandemic, writes Diario de Sevilla.

The virtual asset is pegged to the euro at a ratio of 1:1. Under the program, an amount of €20 to €200 in Elio will be received by 593 residents of Lebrija, and €400 each by small and medium-sized businesses.

The digital asset will only be accepted in local stores. Elio can be used to pay for half the cost of a product or service and the rest in fiat. Recipients must use the funds by March 31, 2021.

In January 2020, the Turkish city of Konya began developing its own Crypto Wealth prototype as part of the City Coin project.

Recall that in August, the Bolivarian Council of Mayors of Venezuela allowed citizens to pay taxes in the national digital currency El Petro.

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