- Spanish municipality Sevilla has launched Elio cryptocurrency.
- Sevilla created Elio to help merchants and individuals carry out transactions throughout the recent COVID-19 crisis.
According to local news, Spanish municipality Sevilla launched a new cryptocurrency known as Elio. As brought by the launch, Elio will help merchants and residents to carry out transactions amid the COVID-19 crisis.
Following then, Elio’s digital asset is pegged to euro price. With the selection of about 593 beneficiaries amid the pandemic, Elio will act as a core channel to send economic aids. As a result, each of the named beneficiaries will be able to redeem 50 to 200 EUR worth in Elio.
Locally, over 393 companies will also get 400 EUR worth in Elio as their economic aid before the year ends. Best of all, Sevilla Mayor Pepe Barroso remarked that the Elio creation would guarantee economic aid to “invest directly in local businesses.”
Barroso advised participants to use mobile devices with technologies such as Google Play Store and Apple Store for effective services.
With this help, families will be able to purchase products or services in shops in the city, being able to exchange half of the purchase amount with a charge to this balance through a virtual currency, and conventionally paying the other half. This is intended to achieve a multiplier effect on the incentive provided by the City Council.
Currently, more than 165 merchants now accept Elio as a legitimate payment method. Moreover, the Spain administration approved a crypto bill that argued owners to disclose their crypto holdings and their gains respectively.