Spanish town of Lebrija launches its own digital currency

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

The virtual asset is pegged to the euro at a 1:1 ratio. Under the programme, €20 to €200 in Elio will be issued to 593 residents of Lebrija, and €400 to small and medium-sized enterprises.

The digital asset will be accepted only in local shops. Elio can be used to pay half the cost of a good or service, with the remainder paid in fiat. Recipients must use the funds by 31 March 2021.

In January 2020, the authorities of the Turkish city of Konya began developing a prototype of their own cryptocurrency as part of the City Coin project.

In August, Venezuela’s Bolivarian Mayors’ Council allowed citizens to pay taxes in the national digital currency El Petro.

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