Funds From Cryptocurrency In Venezuela Will Be Used In Favor Of Homeless

Venezuela’s Minister of Habitat and Housing Ildemaro Villarroel has declared that the government has designs to utilize financial means received from the nation’s cryptocurrency, named as the Petro, to pay for the arrangement of houses for the homeless.

“The Great Mission for Venezuela Housing,” or GMW, website reports that the Venezuelan government, which plans to produce more available housing affordable to those who can’t allow it, has preliminary built 2 million homes to date.

Villaroeal indicated that 33 firms so far have started technical, financial, and logistics analysis to start the arrangement process.

He mentioned: “Together with the governors, we are reviewing the plans that we will start 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.”

A budget of 75 billion bolivares (approximately US$750,000) and 909,000 Petros have been distinguished for the renewed homes by Venezuelan President Nicolas Maduro. In May he declared that a number of youth and student will be funded via a Petro-funded crypto bank.

Encountered with European Union and U.S.-levied sanctions, Venezuela has observed a growth in the use cryptocurrencies. A month ago it has been reported that trading operations between the Venezuelan bolivar and Bitcoin had increased by 138 per cent from March to April.

The Petro, which is the first cryptocurrency supported by oil inventories, launched its trading period on March 22 and all governmental firms are obliged to recognize it in their operations.