Venezuela to Finance Villas for the Homeless with Oil-Backed Cryptocurrency Petro
Nicolas Maduro, the President of Venezuela, approved that 75 billion bolivars (equals around $750,000) and 909,000 Petros will be utilized for the construction of villas
Venezuelan authorities decided to utilize crypto capabilities to build villas for homeless. The crypto is backed by oil industry and is aptly named Petro. The announcement was made by Ildemaro Villarroel, Venezuela’s minister of Habitat and Housing.
Local news Telesur reported that villas construction is a part of country’s housing project called “la Gran Misión Vivienda Venezuela (GMVV).” This initiative aims to provide homeless people with accessible and decent accommodation for stable residence. Government addresses the acute issue of housing deficit in the country.
The minister stated that 33 companies are already preparing their tech, finances and logistics for the soon construction of villas. Villarroel also said that authorities have reviewed all plans which include financial injections from GMVV in the second quarter; the finances are implemented through Petro cryptocurrency.
In addition, Telesur’s reports point out that Nicolas Maduro, the President of Venezuela, approved that 75 billion bolivars (equals around $750,000) and 909,000 Petros will be utilized for the construction of villas. Petro will serve “as protective shield for housing construction.”
It is not the only use case of Petro. Earlier this year, Venezuela tried to introduce charge for exports of oil products in the form or with use of Petros. Specifically, the country offered India a 30% discount on crude oil, if it paid with Petros. Although India rejected the offer.
Experts say that crypto’s effect will become tangible within 3-6 month. This statement belongs to Daniel Peña, the executive secretary of the Blockchain Observatory of Venezuela. In the whitepaper, cryptocurrency’s employment is exampled in paying taxes, fees, public services. However, on Brookings Institute’s opinion, Petro is the way for Venezuela to circumvent global sanctions against the country and draw overseas funds.
The crypto was announced last year and has been controversially debated since the launch. Even the U.S. President restricted citizens to invest in the Petro, while National Assembly manifested crypto’s unconstitutional status. Such moves have led to the opposite outcomes as it helped double the number of interested investors, Venezuelan officials say. There were rumors that it contributed to winning of Maduro for the second time in a highly controversial election.
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