Venezuela to Use Petro Coin for Building Villas for Homeless

Last Updated on Jul 5, 2018 at 3:33 PM

Venezuela is looking to build a complex of villas using the country’s cryptocurrency Petro Coin.

As reported by Telesur, the complex of buildings will be part of the national project “la Gran Misión Vivienda Venezuela (GMVV)”,” which aspires to provide “homeless families a decent and accessible housing solution, using data provided by the community interested in solving the problem of family housing deficit.”

The announcement was made by Venezuela’s minister of Habitat and Housing, Ildemaro Villarroel. He revealed that 33 local businesses have already begun to be technically, financially and logistically analyzed to begin realizing real estate projects.

“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,” Ildemaro Villarroel told.

$ 750,000 and 909,000 Petros were allocated for villas

As stated by Telesur, Nicolas Maduro, the Venezuelan leader has authorized the use of 75 billion bolivars worth about $ 750,000 and 909,000 Petros for the real estate projects. The official argued that country’s cryptocurrency is beneficial as it “represent(s) a protective shield for housing construction.”

As previously reported by Coindoo, Venezuela used its own crypto asset in different country’s sectors. In the first quarter of 2018, it was announced that the Latin country plans to charge for exports realized in the form of oil-backed cryptocurrency. They offered the Indians a 30% reduced price for crude oil only if they paid with Petro Coin – the offer that was refused.

The moment when the crypto project raised questions was when Daniel Peña, the executive secretary of the Blockchain Observatory, claimed during an interview for Cuatro F in April 2018 that Petro’s major results would be visible within “three to six months”.

According to CoinMarketCap, PetroDollar (XPD) has a market capitalization of $517,660 and is traded at $ 0.008089.

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