Venezuelan President Mandates New Petro-Financed Housing Scheme

The president of Venezuela, Nicolas Maduro, is in the latest cryptocurrency news again. This time, the Venezuelan President has mandated that the country’s oil-backed cryptocurrency – the Petro – must be used for funding the ‘Great Housing Mission Venezuela’ social hosing program.

The minister of popular power for habitat and housing named Ildemaro Villarroel, said that the program will be funded using the Petro cryptocurrency. In an official announcement posted on the department’s official website, the minister said that the Venezuelan President put start to the scheme. He also noted that the financing mechanism is offering greater guarantees that the scheme’s outcomes will be achieved.

“We tell President Nicolás Maduro that we continue to follow his instructions, moving forward and giving concrete samples when delivering homes, and the next milestones will be with Petro and the homes will be more protected by this mechanism.”

Another member of the Venezuelan government was in the altcoin news. Joselit Ramirez, who is the superintendent of virtual currency in the country, praised the department and its confirmaiton that it will adhere to the Petro Incentive plan. He described the department as “a bastion of transformation of the entire national economy” and stated that this program will allow private investors to finance the construction of public housing through the stock market with 4,000 houses set to be constructed.

This announcement was featured on many best cryptocurrency news sites and local news sites portraying the Venezuelan president as an authority leading the scheme. The announcement also comes 15 months after the government in the country and its desired to finance public housing using Petro cryptocurrency was first reported.

As the coming altcoin news show, the financing initiative approved by the Venezuelan president Maduro is the latest attempt of the government in the country to cultivate Petro adoption via executive mandate.

Earlier this month, the Bank of Venezuela launched an online portal which aim is to facilitate Petro wallet registrations. The announcement followed an official order from the Venezuelan president Nicolas Maduro in July – which demanded that the country’s central bank must provide support for Petro.

At the end of August 2018, Maduro ordered banks throughout Venezuela to accept the oil-backed virtual currency as a unit of account.