Petro Cryptocurrency is the Main Financing Option for Building 3 million Houses in Venezuela


The Venezuelan government introduced Petro, a cryptocurrency backed by the national oil reserves, to counter the hyperinflation rates in the South American country. Earlier this week, the government announced that Petro will finance the grand housing project set to start in the country. The “Great Housing Mission” is set to complete the building of 3 million houses for the Venezuelan people.

The Great Mission for Venezuela Housing (GMVV) was first commissioned by President Nicolas Maduro’s government in June 2018. The housing project has seen over 40 companies join in the construction process of the GMVV houses. Speaking on the matter during the first government meeting of the year, Ildemaro Villarroel, the minister of Habitat and housing called on more independent and private companies to join with the state parastatals to see the GMVV project through.

Villarroel further urged these companies to accept payment and transactions through the sovereign Petro token. The companies in the GMVV project have taken a slow approach in adopting the Petro coin. The development of the Petro cryptocurrency is yet to mature with users offered “Petro certificates” as they await on the actual cryptocurrency to be unveiled.

The project has completed the building of 2.5 million housing projects across Venezuela after Maduro offered $750,000 USD and 998,000 Petro coins to kick-start the construction work.

Calls To Adopt Petro Digital Coin

Despite the huge marketing schemes by Venezuela’s government to push for the adoption of Petro across different economies and corporations, most investors are not buying it. The issue however originates from the cryptocurrency development team who are yet to release the actual digital coins forcing investors to hold on to their “Petro certificates”.

A number of initiatives to boost adoption of Petro in Venezuela have launched including being made a national currency and pensions and wages in civil quarters calculated in Petro.

Future Of The Housing Projects?

The GMVV housing project is set to complete 2 million houses for the Venezuelan citizens and sell off 1 million urban acres of land using Petro. However, the last few months has seen top Russian and Chinese housing corporations close their businesses raising doubt on the project. Furthermore, the government owns $110 million to Belzarubezhstroy, a construction company owned by the Belarus government.

The future of Petro also is bleak as the rates of adoption are low as Venezuelans turn to Bitcoin that saw an 18% rise in the Bolivar to Bitcoin market volumes.

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