Ildemaro Villarroel, Venezuelan Minister of Housing and Housing, announced want to build homes for the homeless based on the gains of the national cryptocurrency, the Petro
— Hábitat y Vivienda (@Minhvi_Oficial) June 29, 2018
Venezuela uses Petro to finance real estate project
Homeless families will be able to benefit from decent and accessible housing as part of the government project called Gran Misión Vivienda Venezuela ( GMVV). It will begin in the second quarter of this year and the use of Petro will promote its promotion as much as the humanitarian aid shown by the Venezuelan government.
The country has been able to build more than 2 million houses to date. The construction process involves 33 companies that have started technical, financial and logistical tests.
“In collaboration with the governors, we are reviewing the drafts we will begin in the second quarter. GMVV will have a contribution of financial resources, which this year will be protected and established with Petro, ” said Villaroel.
A budget of 75 billion bolivars, $ 750,000 and 909,000 Petros was granted by President Nicolas Maduro to the construction project.
Other funding initiatives with the country’s digital currency have been conducted during this year. Maduro announced the launch of a cryptocurrency bank funded by Petro in May to support the efforts of young students in their studies.
Venezuela has resorted to cryptocurrencies in the midst of an economic crisis plaguing the country – bolivar inflation has exceeded 25,000%. This inflation also reached a record high at the end of June when it rose to 41,838%. A report from Business Insider highlighted this disconcerting news.
Since the launch of Petro last year, the virtual currency based on Venezuelan oil has been declared unconstitutional by the National Assembly. Some economists claim that Maduro is pursuing an unorthodox policy that has pushed the nation towards the economic crisis. US President Donald Trump has even banned citizens and residents of the United States from contact with Petro .
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