Venezuela’s Oil-Backed Petro Mandated for Public Housing by President

Nicolas Maduro, the president of Venezeula has just mandated that the nation’s cryptocurrency ‘The Petro’ (backed by oil) must be used in order to fund the ‘Great Housing Mission Venezuela’ social housing program.

The minister of popular power for habitat and housing, Ildemaro Villarroel has confirmed that the program will be funded via utilising the Petro. In an announcement posted on the department's website, the minister described the financing mechanism as offring greater guarantees that the outcome for the scheme will be achieved.

“We tell President Nicolás Maduro that we continue to follow his instructions, moving forward and giving concrete samples when delivering homes, and the next milestones will be with Petro and the homes will be more protected by this mechanism.”

Venezuela’s superintendent of digital currency, Joselit Ramirez has praised the department's confirmation that it will adhere to the Petro incentive pan, describing the department as “a bastion of transformation of the entire national economy.”

Ramirez has said that the program will allow private investors to finance the construction of public housing via the stock market, with around 4,000 houses planned to be constructed.

The housing programs financing initiative is the country’s government latest attempt to cultivate adoption through an executive mandate.

As reported by CCN, earlier this month, “the Bank of Venezuela launched an online portal to facilitate Petro wallet registrations. The announcement follows a presidential order from July that demanded that the country’s central bank provide support for the Petro.”

In August, Venezuela’s cryptocurrency superintendent took to national radio to urge the Venezuelan nationals to remit funds back into the nation using the oil-backed virtual currency remittance platform, Patria Remesa en Criptoactivos, saying:

"It's the simplest, easiest, and safest way to send money, and it's the only way to avoid depreciation of income.”

It will be interesting to see how this situation plays out with the Petro. For more news on this and other crypto updates, keep it with CryptoDaily!