Home News Venezuela will finance housing programme for homeless people in Petro cryptocurrency

Venezuela will finance housing programme for homeless people in Petro cryptocurrency

Venezuelan Minister of Habitat and Housing, Ildemaro Villaroel, said that the government will finance the construction of houses for homeless people with state-backed Petro coins.

The construction works will be the part of “la Gran Misión Vivienda Venezuela (GMVV)” housing programme, which goal is to give “homeless families a decent and accessible housing solution, using data provided by the community interested in solving the problem of family housing deficit,” as the local media sources put it.

According to the Minister, 33 Venezuelan companies are already conducting preliminary technical, logistical and financial works.

“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 with the Petro,” – the official stated.

The President of Venezuela Nicolas Maduro approved the allocation of 75 billion bolivars (around $750 000) and 909000 PTR for this housing project, as reported by Telesur. Villaroel also said that the oil-backed cryptocurrency is “a protective shield for housing construction”.

Venezuelan government is continually trying to use petros in all areas possible. For instance, in May, Venezuela offered to sell crude oil to India with 30 percent discount if India will buy it for petros, but to no avail.

Venezuelan cryptocurrency remains a controversial issue for the global community. The cryptocurrency allegedly raised $3 800 000 000, but the Venezuelan authorities had never provided any documented proof of this figure. The launch of El Petro provoked outrage from the USA. U.S. President Donald Trump sanctioned the Venezuelan digital currency in March. This was followed by Bitfinex cryptocurrency exchange’s public refusal to list PTR tokens.

Venezuelan officials, nevertheless, claim that Trump’s move attracted even more investments in Petro. Given the fact that Nicolas Maduro has won another term of presidency, the media coverage of the national cryptocurrency is likely to increase.

As for Venezuelans themselves, they tend to prefer bitcoins to petros and bolivars, whereas the government implements harsh measures for tracking bitcoin transactions which “undermine” the national cryptocurrency.