The president of Venezuela, Nicolas Maduro, has decided that the oil-backed cryptocurrency, petro, will be used in the funding of a social house initiative. The initiative is a part of the Great Housing Mission Venezuela which helps in the construction of new homes, and Hugo Chaves started this in 2011.
This news was announced by the Minister of Habitat and Housing, Ildemaro Villarroel in which he mentioned that using petro will help the project to proceed as private investors will be able to finance the project for construction. Four thousand seven hundred forty homes are under construction, and 4,000 more are expected to be built using petro payments.
This move is seen as Maduro’s way of adding his controversial crypto in the nation’s economy. The president previously ordered the petro to be made available by the nation’s top bank for public use and forced the pensions to be paid in Petros. The token was openly stated as means to curve the international sanctions, the U.S. President Donald Trump decided to impose sanction on petro as well.