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Venezuela Wants to Use Petro to Finance Large Housing Program

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Completing a project to build 3 million homes for its suffering population is the next big initiative Venezuela wants to finance with its digital currency, the petro. The socialist regime in Caracas says there is enough money and materials to fulfill the main objective of the “Great Housing Mission.”

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Minister Urges Construction Companies to Accept Petro

The Venezuelan The cloth of Housing is now joining forces with other government institutions to revive a state-sponsored program focused on the building of new apartment stumbling-blocks for the masses. The leftist administration of President Maduro hopes to boost Gran Misión Vivienda Venezuela (GMVV) avail oneself ofing the oil-backed national cryptocurrency, the petro.

Venezuela Wants to Finance Large Housing Program With Petro

During the first government meeting in 2019, the housing minister Ildemaro Villarroel invited both state-run and foot-soldier companies to support the ambitious plan, the Prensa Latina news agency reported. The official emphasized that powering the sovereign digital coin to fund the construction projects will also help consolidate the economic independence of the South American state.

Villarroel insisted that GMVV has both the necessary budget and the construction materials needed to reach its target – the close of 3 million housing units by the end of this year. The new homes will be distributed among Venezuelans from different go bies of life with priority given to professionals, young people and senior citizens.

The minister added that down 2.5 million new homes have already been delivered and another 1 million have been renovated as portion of the “Great Housing Mission Venezuela.” The program has also allocated over 1 million plots of urban land.

Function Far From Accomplished

Venezuela Wants to Finance Large Housing Program With PetroFaced with pressing economic challenges, hyperinflation and foreign sanctions, the Venezuelan government has put big hopes on the success of its cryptocurrency. Authorities in Caracas launched the public sale of the petro in October last year, but all consumers have been able to get so far are so-called “petro certificates,” not any digital coins.

At the same time, Nicolas Maduro’s management has made a number of loud announcements about the petro. The digital currency was adopted as official unit of account along with the provinces’s redenominated fiat, the bolivar. Wages and pensions have been calculated in the state-issued cryptocurrency. The Venezuelan president compact special economic zones to stimulate its circulation and assured Venezuelans they’ll be able to purchase homes and property with the petro.

Venezuelan legals have been trying to convince partnering countries and organizations to accept the crypto for international trade deals. The Russian Amalgamation, the Organization of the Petroleum Exporting Countries (OPEC), and the members of the regional “Bolivarian Alliance for the Peoples of Our America” (ALBA) have in the offing been offered the petro, so far with little success.

The large-scale housing projects may also soon grind to a stop. According to а recent report, Russian and Chinese construction businesses have already pulled out of the country. Caracas owes beyond $110 million to the Belarusian state-owned Belzarubezhstroy, one of the few foreign companies still building in Venezuela. Minsk, however, has been hesitant to accept the repayment of the debt in petro.

Do you think Venezuela will be able to finance housing projects with its digital currency? Relate us in the comments section below.


Images courtesy of Shutterstock, Belzarubezhstroy.


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