Venezuela’s Housing Minster Reveals Plans To Use Its Oil-Backed Cryptocurrency For Financing Villas

The Habitat and Housing Minister of Venezuela, Ildemaro Villarroel, revealed the plan of the government to finance construction of houses using Petro, its oil-backed virtual currency. As per the report, the villas will be financed as part of the housing project, la Gran Mision Vivienda Venezuela (GMVV).

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Through this project, the country offers decent and accessible houses to homeless families. The homes are provided taking into consideration the data laid down by the community involved in solving problems of homeless families. The project will also provide basic necessities. The project GMVV will begin in the second quarter of 2018.

33 local companies involved in validation

More than 33 companies are in the process of completing financial, technical, and logistical validation processes for carrying out projects related to construction. According to Villarroel, “Together with the governors we reviewed plans that we will start up in the second quarter, in this second quarter the GMVV will have an injection of financial resources, which this year will be protected and established through Petro.”

Nicolas Maduro, the Venezuelan leader, has approved the use of $75 million and 909,000 Petros for building new houses. According to Maduro, using oil-backed cryptocurrency has its benefits and offers a protecting shield for constructing homes.

 Venezuelan government not swayed by negative press of Petro

Venezuela will continue to promote its oil-backed cryptocurrency despite negative reports. The country is planning to attract more attention by using it more efficiently, whatever that means. Ever since it was announced in late 2017, Petro has been surrounded by controversies. The National Assembly of Venezuela declared it unconstitutional whereas the President of the U.S, Donald Trump banned American citizens and residents from investing in Petro. However, Venezuela has said that Trump’s move worked as free publicity for Petro whose popularity soared and doubled the number of investors.

As of now, Petro is being used for fees, public services, and taxes. According to Daniel Pena, a Blockchain Observatory, the true effects of Petro will come to the fore in the coming three to six months.

It indicates that the country has no plans to slow down on Petro anytime soon.

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