Venezuela’s Plans For National Crypto Petro

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In order to prove that cryptocurrencies are, in fact, capable of doing good in the world, Venezuela has come up with the perfect plan to put Petro to use. Its Minister of Housing, Ildemaro Villarroel, has just announced that the government is about to implement a new Petro-powered housing project to create homes for those in need.

Petro to build homes in Venezuela

Homelessness is one of the largest social issues around the world, one that is perhaps too easy for people choose to turn a blind eye to. Venezuela, the home of a national cryptocurrency called Petro, however, has chosen a different approach.

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In order to prove the usefulness of cryptocurrencies to society, and do some good in the world, the country has started a housing project called GMVV – La Gran MisiĆ³n Vivienda Venezuela (Great Mission for Venezuela Housing). The project’s aim is to create quality housing that would be more accessible to those in need of homes. Additionally, the GMVV’s website claims that over 2 million houses are already complete.

According to Ildemaro Villaroel, the country’s Minister of Habitat and Housing, around 33 companies have joined the project and are currently running technical, logistical, and financial tests, to calculate what exactly will be needed for the project to officially start. According to his statement, plans are being reviewed in collaboration with the governors, and the project should go live in the second quarter of the year.

Petro makes waves in the world

Another official commented on the move and stated that the use of Petro creates a ‘protective shield’ for the project. Maduro’s regime authorized a budget of around $750,000 (75 billion bolivars), and 909,000 Petro coins for the project.

While this is an important development for Petro and cryptos, it is not the first time that Venezuela’s government has used cryptocurrencies for something like this. Back in May, Nicolas Maduro announced that he will create a cryptocurrency bank for students and young people.

Some have stated that this move might be Venezuela government’s way of showcasing the various applications of cryptos in order to increase demand. And, let’s not forget that it has only been a few months since the government revealed that the exports might be charged in Petro soon. They even offered India a large discount (30%), if India decided to pay via Petro coins.

Petro remains an important route for Venezuela to bypass imposed sanctions. There have been claims that Petro is actually undermining other, legitimate cryptos. Still, ever since the US President Donald Trump has banned US citizens from investing in Petro, the crypto has been declared unconstitutional.

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