The city council of Lebrija, southern Spain, has announced the issuance of a local digital currency dubbed 'Elio' to aid local businesses, Diario de Sevilla reports.
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The digital currency is pegged to the euro at a 1:1 ratio. Approximately 600 families will receive between €20 and €200 in the currency to spend in local businesses. Each local small and medium-sized business will receive up to €400. Recipients should spend the digital assets by March 31, 2021. The city council of Lebrija reportedly plans to issue €500,000 in the form of Elio.
As iHodl reported in October 2020, the Government of Spain was working on a bill, according to which, crypto hodlers would be obliged to disclose their holdings and any gains booked on the assets.
According to government spokeswoman Maria Jesus Montero, the new regulations are just a part of a broader package of legislation focused on cracking down tax fraud.
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