Venezuela to Use Petro Profits to Finance Housing for Homeless

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).

According to the report, 33 companies are going through the process of working with the cryptocurrency. Villarroel says:

“Together with the governors we review the plans that we will start up in the second quarter. In this second quarter the [Great Housing Mission Venezuela] will have an injection of financial resources, which this year will be protected and established with the Petro.”

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.

Notably, since the launch of the Petro, the U.S. has warned that it could violate sanctions against the country.

Despite this, measures are being put into place to use the altcoin. One of which is the financing of new homes for Venezuela’s homeless. Nicolás Maduro, the country’s president, has approved 75 billion bolivares and 909,000 Petros for the job. At $60 a barrel, that equates to $54.5 million. This announcement actually shows that Maduro is actually following through with one of his programs as he stated back in March that he wanted to use the cryptocurrency to ease the country’s housing crisis.

Maduro said the new digital coin aims to strengthen the country’s “monetary sovereignty, to make financial transactions and overcome the financial blockade.”

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