Venezuela’s National Crypto Petro to Fund Housing for Homeless

So, the story of Crypto Petro started back in February this year when the Venezuelan Ruler Nicolás Maduro announced that they planned to launch a national cryptocurrency (which is the first for Venezuela) named Petro. His exact words were, “Together it is possible to build history. We are at the technological forefront of the world. Today, a cryptocurrency is being born that can take on Superman.”

Now, enter July 2018, and Ildemaro Villarroel, the Venezuelan Minister of Habitat and Housing has disclosed their plans for using the funds of Petro to design and develop affordable housing plans for the homeless in the country. This move clearly demonstrates their ambitious quotes about the birth of a national cryptocurrency that can take on Superman.

The project is being referred to as the “Great Mission for Venezuela Housing (GMVV).” The motto of this project is to make housing solutions available to the homeless throughout the nation. The GMVV website also boasts of the government’s achievement in already developing more than 2 million houses. Villarroel revealed that 33 businesses had joined forces to work on the different

aspects of the constructions process such as logistics tests, finance, and technology to commence the project sooner rather than later. He added, “Together with the governors, we are reviewing the plans that we will begin in the second quarter, in this second quarter GMVV will have an injection of financial resources, which this year will be protected and established with [the] Petro.”

Venezuela has definitely seen a serious boom in the cryptocurrencies with the economic and political crisis on the rise in the country. As a result, the exchange of Bitcoin has also substantially increased in 2018. However, what’s left to be seen is how this project of providing shelter to the homeless will sit with their long-term vision of developing Petro.