Venezuelan President has mandated that the state-backed Petro must be used to finance the social housing program ‘Great Housing Mission Venezuela.’ President Nicolas Maduro has made the decision to increase Petro adoption amidst the Venezuelan Bolivar crisis.
The minister overseeing the project Ildemaro Villarroel confirmed this notion. The department is known as popular power for habitat and housing posted about the program on its website. The website affirmed that the country’s oil-backed cryptocurrency would be used to fund the scheme. According to Ildemaro, this would ensure the scheme’s success by offering better assures.
The team working under President Maduro has been showing its commitment by providing quality homes. Ildemaro’s next goal seems to be the utilization of Petro to make the scheme more secure and efficient while increasing the crypto’s adoption.
The Venezuelan superintendent of virtual currencies, Joselit Ramirez, supported the decision to utilize Petro for the project. Joselit considered the ministry to be the foundation that will revive the country’s economy.
Ramirez then stated that the scheme plans on constructing around forty thousand houses with nearly four thousand (4740) currently under construction. The Petro program would allow private investors to fund the project through the stock market.
Petro: A means to fight inflation?
The project is the government’s latest attempt in increasing Petro adoption. The country’s president introduced the crypto as a way to fight against US sanctions placed on Venezuela. The US President Donald Trump has been pressurizing the Venezuelan government. Trump seems to favor opposition leader Juan Guaido over socialist President Nicolas Maduro.
The sanctions placed by Trump have escalated things to a point where people are buying Bitcoin instead of Bolivars as the country faces unprecedented levels of inflation. This was seen in the fact that Bitcoin trading volume reached a record high in Venezuela.