Spanish City Issues Digital Currency to Support Local Economy
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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.

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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.

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