Venezuela is quietly moving forward with its own state-backed cryptocurrency, Petro and in next big initiative, the country wants to finance construction of 3 million homes with its digital currency.
The Ministry of Housing is now persuading other government institutions to revive the state-sponsored program focused on the building of new apartment blocks for its huge population. The ministry officials are emphasizing on the use of digital currency and invited both government and private companies to support the plan.
With this, Venezuelan President Maduro hopes to provide a boost to Gran Misión Vivienda Venezuela (GMVV), its housing mission, using the oil-backed national cryptocurrency. Officials emphasized that the use of the sovereign digital coin to fund the construction will help to consolidate the economic independence of the country.
The country is banking heavily on the use of Petro to emerge out of the economic challenges, hyperinflation and foreign sanctions. It is also requesting other countries to accept Petro in trade finance deals but has got little success so far on this front.
In December last year, news reports emerged from the country that it is converting the government issued pension bonuses in the oil-backed cryptocurrency. This was done to make citizens less reliant on the banking system and increase the adoption of the state-backed cryptocurrency.
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