The Petro will come into play to help the homeless in Venezuela. The minister of habitat and housing, Ildemaro Villarroel announced the financing of villas for the needy using the oil-backed cryptocurrency of Venezuela called the Petro.
The Petro launched in February 2018, developed by the Venezuelan government. It is backed by Venezuela’s oil and mineral reserves and is aimed at supplementing Venezuela’s falling Bolivar currency and to evade the U.S sanctions which have taken the country backward.
The housing plan will be called ‘la Gran Misión Vivienda Venezuela’ which is also called GMVV. According to the project they will give “homeless families a decent and accessible housing solution, using data provided by the community interested in solving the problem of family housing deficit.”
Along with the Petro, 33 other Venezuelan companies are being checked if they can help in the construction of the villas for the homeless.
Villarroel was quoted saying-
“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 with the Petro.”
The official approval for Petros along with Bolivars which is Venezuela’s fiat currency has been made by the controversial leader of Venezuela, Nicolas Maduro. 75 billion bolivars which are equal to $750,000 and 909,000 Petros will be used to build the new houses.
Venezuela is doing all it can to increase the value of the Petro by creating demand for it. Earlier in the year it even offered a 30% discount on crude oil if India bought it through Petros. The tempting offer was declined by India though!
The Petro has been in the headlines in various other cases too, such as the ban by Donald Trump for American citizens to invest in it. Venezuela countered this embarrassment by stating that it was ‘free publicity.’
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Source: Toshi Times
Original Post: Venezuela Will Finance Construction of Villas for the Homeless with Cryptocurrency Petro
