Venezuela’s Oil-Backed Petro Cryptocurrency To Finance Country’s Housing Project

As per an announcement reported via native news, Telesur, it is believed that the next use of Venezuela’s oil-based cryptocurrency, Petro has been established. The minister of the Habitat and Housing of Venezuela, Ildemaro Villarroel confirmed that new efforts are in place to provide housing to the country’s homeless through a project called “La Gran Mision Vivienda Venezuela” (GMVV).

The GMVV will supposedly provide a place to reside along with basic necessities for survival. According to Villarroel, the project will commence in the second quarter with financial aid acquired through Petro.

Here is a translation of what Villarroel shared:

“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.”

In addition to the use of Petro, 33 Venezuelan companies are being assessed to see if they can contribute towards the construction aspects of the project. Per Telesur, President Maduro has approved $750,000 worth of the country’s currency, bolivars, along with a total of 909,000 Petros to finance the GMVV.

Despite negative press on Petro, the country will continue to promote the currency while paying more attention on ways to make efficient use of it. For the time being, Petro may be used for “taxes, fees and public services”, which according to CCN was found on Petro’s whitepaper.

In a previous interview with the Venezuelan “Cuatro F” newspaper, Blockchain Observatory, Daniel Pena expressed that Petro’s true effects will be exposed within “three to six months.” This goes to show that the country is not slowing down anytime soon and is constantly working to pump Petro.