Thursday, March 30, 2023
HomeCryptocurrency NewsNicolas Maduro calls for funding housing projects with Petro cryptocurrency

Nicolas Maduro calls for funding housing projects with Petro cryptocurrency


Venezuelan President Nicolas Maduro has come up with yet another way to use Petro national digital currency.

The press service of the government said that Maduro called with the help of tokens to finance projects for the construction of social housing. In his opinion, it is possible to attract investments in cryptocurrency to implement a large-scale program to improve housing conditions, initiated by the previous Venezuelan President Hugo Chavez in 2011.

Venezuelan Minister of Environment and Housing Idelmaro Villarreal said that investors can invest in the purchase of Petro cryptocurrency, which is oil-based.

The attracted funds will be directed to the construction of cheap housing. Officials plan to build 4740 houses on attracted investments.

Earlier, the President of Venezuela forced the country’s largest bank to launch operations with state digital currency and even pay pensions in Petro.

However, in Venezuela, the most popular is not Petro, but Bitcoin and Dash. Even government agencies themselves prefer BTC.

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