Spanish Town Lebrija Launched Stablecoin Elio

Lebrija, a small town in the Seville province of Spain, introduced a cryptocurrency called Elio to support local transactions between residents and merchants. 165 stores in the city have joined the platform and started using cryptocurrency. The recently launched cryptocurrency is pegged to the euro.

According to a report from the Spanish news agency Europa Press, the Elio cryptocurrency will allow the City Council of Lebrija to send economic aid to 593 selected recipients. Recipients will receive aid between 50 and 200 euros. In addition, the city council announced the payment of €400 economic aid to 393 local businesses via Elio virtual currency in line with the municipal response plan.

Earlier this month, Finance Magnates reported that one of Europe's oldest banks, Bankhaus von der Heydt (BVDH), has partnered with German blockchain technology provider Bitbond to launch the world's first euro-pegged stablecoin on the Stellar network.

Image: Europapress