Venezuela’s Petro Is Cleaning Up Its Act

Published 5 years ago on July 06, 2018

Venezuela’s Petro Is Cleaning Up Its Act

The Venezuelan Petro is a cryptocurrency that is very much used to being in the limelight. Not for being a technological revolution, more for its association with oil funding and funding from the Russian government. If you speak of the Petro, the chances are the word corruption will follow. Whilst its associations with oil and Russia are based on speculation, many do believe that the Petro is a product of some questionable decision making and thus, the crypto-sphere has rejected it. According to reports out today, it seems that the Venezuelan government are attempting to clean up the image of the Petro, by announcing a new fund that will see the Petro used to help fund social housing for homeless people within Venezuela. According to such report, the Minister of Habitat and Housing for Venezuela, Ildemaro Villarroel has announced a fund called the â€˜Great Mission for Venezuela Housingâ€™ which plans to use the Petro to fund the building of social housing across the country. According to sources, the homelessness population in Venezuela in 2012 was 2,000,000, therefore 6.68% of the population under this guise are thought to be homeless. With this in mind, you can see what a colossal and important task this is. According to Cointelegraph, Villarroel has said:

"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."

See more for yourself, here. The report also states that all in all, the President of Venezuela, Nicolas Maduro has set aside 909,000.00 Petros ($750,000.00) to fund this project. We have to ask ourselves whether or not this is a sincere approach to solving a Venezuelan crisis, or if itâ€™s just an attempt to clean up the appearance of the Petro. Regardless, this is funding a great cause and if it helps local people change their lives, it canâ€™t ever be a bad thing. Either way, this marks a new era for the Petro and we do hope that this encourages the government to carry out more useful and positive projects of this nature in the country in order to make use of a digital asset that has thus far been rejected. If the Petro does start to appear as a friend for cryptocurrencies, it could very well change the way cryptocurrency is adopted worldwide, therefore, this is news that we are feeling pretty positive about.

Adrian Barkley

Adrian is an avid reader who first stumbled across Crypto after reading 'The Basics of Bitcoins and Blockchains' by Antony Lewis in 2018. Since then, Adrian has immersed himself within the industry, and has a real interest in Enterprise Blockchain solutions.