Town in Sevilla Province creates its own cryptocurrency

THE town of Lebrija in Sevilla Province has come up with a novel way of helping those in need and promoting the sale of goods by local businesses.

Alert to the fact that a number of families were suffering financially from the Covid-19 pandemic, the Council created the ReActiva Lebrija Plan which has made funds available to some 593 families.

There is a twist however as it has created its own cryptocurrency (like Bitcoin) called the €lio which is set on par with the euro (one for one) and depending upon income and number of children aged under 18, families will be paid between €50 and €200 but in €lios.

So far 165 local businesses have been signed up to accept payment which must be 50 per cent €lio and 50 per cent euro in an effort not only to help those in need but to also stimulate local sales.

There are also several hundred local businesses due to receive grants of up to €400 and they will also be paid in €lios in a bid to persuade companies to trade with each other.

The payment of the amount granted will be made through a mobile application designed by the Council which can be downloaded easily and free of charge through the play store or app store.

At the moment however, the Council has not explained whether it will exchange this cryptocurrency for euros if asked to do so by the participating shops and businesses.

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