Venezuela’s minister of Habitat and Housing, Ildemaro Villarroel, recently revealed that the country’s government is planning to finance the construction of villas using its oil-backed cryptocurrency, the Petro.
According to local news outlet , the villas will be financed as part of the country’s housing project “la Gran Misión Vivienda Venezuela (GMVV),” which according to sources aims to give “homeless families a decent and accessible housing solution, using data provided by the community interested in solving the problem of family housing deficit.”
Per Villarroel, 33 local companies are already going through technical, financial, and logistical validation processes to carry out construction projects. The Venezuelan minister was quoted as saying (translated):
“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.”
According to Telesur, Venezuelan leader Nicolas Maduro approved the use of 75 billion bolivars (worth about $750,000) and 909,000 Petros to build the new villas. The Venezuelan official added that the oil-backed cryptocurrency offers benefits that “represent a protective shield for housing construction.”
Venezuela’s Petro
As CCN , Venezuela has been giving the Petro various use cases, presumably in an attempt to pump demand. Earlier this year, it revealed it “may” , and offered India a 30% discount on crude oil, if it paid with petros — an offer that
Notably, in an interview with the country’s Cuatro F newspaper in April, the executive secretary of the country’s Blockchain Observatory, Daniel Peña, touted that the cryptocurrency’s within “three to six months.”
The century-old think tank Brookings Institute, on the other hand, has claimed that the, as its sale was essentially a way for Venezuela to bypass international sanctions and bring in foreign capital. The cryptocurrency’s whitepaper claims it will be used to pay for taxes, fees, and public services.
Since it was announced late last year, the oil-backed cryptocurrency has been embroiled in controversy, with the country’s and President Donald Trump
Trump’s move, according to Venezuelan officials, was that helped double the number of interested investors. Back in May, CCN’s coverage noted that , as Maduro won another term as president in a highly-controversial election.
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Published at Wed, 04 Jul 2018 22:02:49 +0000
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