Huelva company creates virtual currency to boost local economy

Nerja City Council to Hold Free Virtual Day. CREDIT: Pixabay

A COMPANY in Huelva has designed technology to create a virtual currency to boost local economy.

The Clickoin company, based in Santa Barbara de Casas has the technology to launch a ‘virtual wallet’ which will also allow for social benefits to be controlled so that they are used for the purpose for which they were intended.

The company promoted by several businesses from Huelva, was created in 2015. The CEO is Lorenzo Fuentesal, who trained in Asia.

As reported in local Andalucia news source, Andalucia Informacion, the money received has traceability and the system itself stops it from being spent on any other than the one for which it was intended.

The technology is being used in places such as Santa Coloma de Gramenet or Lebrija, in Sevilla, where the council has channelled the benefits it receives for the consumer department to a virtual purse and through the virtual currency, called Elio, the funds can only be used by the beneficiaries on local commerce.

In the Basque Country, local businesses are using the technology to offer discounts to customers. Those who put €50 into the virtual wallet receive €10 extra to spend in local businesses to help the economy.

Thank you for taking the time to read this news article “Huelva company creates virtual currency to boost local economy ”. For more UK daily news, Spanish daily news and Global news stories, visit the Euro Weekly News home page.

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Jennifer Leighfield

Jennifer Leighfield, born in Salisbury, UK; resident in Malaga, Spain since 1989. Degree in Translation and Interpreting in Spanish, French and English from Malaga University (2005), specialising in Crime, Forensic Medicine and Genetics. Published translations include three books by Richard Handscombe. Worked with Euro Weekly News since November 2006. Well-travelled throughout Spain and the rest of the world, fan of Harry Potter and most things ‘geek’.