Will The Venezuelan Petro Coin Finance 3 Million Homes?


South American nation Venezuela’s oil-backed cryptocurrency Petro is being touted as the modern digital asset which can fund a massive 3 million housing projects by the government, called the ‘great housing mission.’

The current government is heading the development project and has sought contractors of the building project to receive payments in Petro.

The Housing Ministry in the economically adrift economy had lately sought the help of other government institutions to bring alive a long forgotten state-backed project to build new apartment meant for masses.

A socialist government at the helm in Venezuela has meant that there are many projects pegged to revive the flagging economy supporting its citizens. The once grand plan by the government – Gran Mision Vivienda Venezuela (GMVV) was once again revived by the government.

However, in its latest avatar, the project is expected to be funded by the lone national cryptocurrency – Petro.

In fact, the government sought the cooperation of other departments to support the performance of its detailed plans. Construction projects proposed by the national government were surely not possible to be supported by the sovereign currency of the country. The Housing Minister – Ildemaro Villarroel, says that with the Petro project running in full scope it will be utilized at all stages so as to ensure economic independence in the South American region.

According to official matter noted by the Minister, GMVV will be a success largely because its budget, as well as construction materials, were needed in order to reach targets such as 3 million housing units by 2019.  The government has proposed distributing these homes to the professionals, as well as senior citizens.

Petro was pressed into use in October 2018 with a public sale of the cryptocurrency. However, buyers have only been issued certificates which are equivalent to the coin. At the same time, there is the controversy that the coin itself does not exist, even as detractors are trying to prove that Petro is actually copied and it allegedly resembles another cryptocurrency very closely.

Thus far the government has not spared any attempt to convince all of the entities it has economic transactions such as oil-buying nations to switch their payments in terms of the native crypto- Petro.

However, none of the key players even the strong cartel based in West Asia has also refused to accept Petro as the official cryptocurrency for oil asset. The President has also promised that it would have a dedicated economic zone which would help in the circulation of the new cryptocurrency.