Venezuela To Fund New Homes For Homeless With Cryptocurrencies
The Housing Minister, Ildemaro Villarroel, has unveiled the Venezuelan government’s plan to fund the building of more homes through its national cryptocurrency for the homeless. Profits acquired from Petros will fund the project.
As part of the government’s project, two million homes have already been constructed so far as the GMW reports, providing more cost-efficient and accessible housing to the less fortunate. Further reports state that thirty-three companies have joined the effort, undergoing plans involving logistics and costs to launch the building phase.
As the Minister states, the financial resources funding the project during its second phase will be protected by the cryptocurrency, ensuring a steady source of financial support. The country’s President has transferred almost one million Petros intended on funding the construction of the new houses. He also announced new initiatives aimed at students and Venezuela’s youth, supported by a crypto-bank through several Petro investments.
With Venezuela being sanctioned by both EU and U.S authorities, the country has seen a rise in digital coin use. A climb of 138 percent in trades between Bitcoins and the nation’s currency occurred between March and April. All companies owned by the state are mandated by law to support Petro in their systems and the President has stated that the digital coin was designed to lift the current chokehold and boost the country’s economic and financial stature.