Cryptocurrency News

Venezuela to Finance Housing Projects with Cryptocurrency Petro

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President of Venezuela’s has mandated Petro, the cryptocurrency must be used in raising funds for a contemporary initiative on social housing.

In a recent news announcement, Nicolas Maduro, the president said that Petro, the oil-backed token should be employed for making new properties for Venezuela’s Great Housing Mission, a project initiated by his previous counterpart in the year 2011, Hugo Chaves.

The update was revealed by Ildemaro Villarroel, Minister for Habitat and Housing. He said that the virtual currency will enable private investor financing for the making of housing projects via the stock market. Over 4000 housing properties are designated to be built as a subset of the payment schemes of Petro. 4,740 are already under construction, said the minister in a recent news interview.

Joselit Ramírez, the supervisor of Petro, said in a recent statement that Petro had been a “brilliant idea” that will help authorities in combating economic sanctions. He praised the department’s confirmation of adhering to Petro’s plan of incentives, addressing the department to be a bastion of the transformation of the entire national economy.

But the decision is viewed as a second attempt to push controversial crypto to the economic landscape of the country by Maduro.

Earlier, the president ordered Petro to be made public by the top bank of the nation and enabled the payment of pensions in Petro denominations, given the exigency of the ways to materialize the token value.

He also previously tried to nag other countries to support Petro in place of the U.S. dollar for trading in the oil and global markets.

The token that is touted to be a means of dodging international approvals, Donald Trump applied sanctions over Petro last year right after the launch of the token.

In a public announcement through the official website of the department, Ildemaro Villarroel states, the financing mechanism to be an offering for reassuring guarantees about achieving the scheme’s outcomes in most hassle-free manner:

We tell President Nicolás Maduro that we continue to follow his instructions, moving forward and giving concrete samples when delivering homes, and the next milestones will be with Petro and the homes will be more protected by this mechanism.”

The announcement is made following 15 months since Venezuela first requested financing public houses with the Petro.

Last month, the Bank of Venezuela rolled out a web platform facilitating registrations for Petro wallet. Last month, the cryptocurrency superintendent of Venezuela employed national radio to lure Venezuelan citizens to remit the amounts back to the nation through the state-backed Petro remittance portal. He said:

It’s the simplest, easiest, and safest way to send money, and it’s the only way to avoid depreciation of income.”

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