The President of Venezuela, Nicolas Maduro has given an important order regarding his pet cryptocurrency, Petro. He has thus mandated the use of the crypto for funding an ongoing social housing initiative.

According to the President, the oil-backed token must be used for financing the construction of new homes. It is under the Great Housing Mission Venezuela, a project set up by his predecessor Hugo Chaves in 2011. Venezuela’s Minister for Habitat and Housing, Ildemaro Villarroel made this announcement. The ministers of the country have encouraged companies to accept Petro cryptocurrencies to support the plan. The Petro will let private investors finance the construction of social housing via the stock market. Also, as a part of the Petro payments scheme, there is a plan of four thousand homes, with 4,740 already under construction. Moreover, Petro is a brilliant idea, in this case, because it can alleviate the economic challenges the country is currently facing.

In July, President Nicolas Maduro commanded the leading bank Banco de Venezuela to accept the Petro crypto. He wanted the bank to issue this national cryptocurrency in all of its branches. Maduro gave these orders to open desks for the crypto in the branches of the Bank of Venezuela. Earlier in June, President Maduro allocated 924 million bolivars (over $92.5 million) to the Digital Bank of Youth and Student, says the source.