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The Venezuelan government has introduced Petro, a cryptocurrency supported by national oil reserves, to counter hyperinflation rates in the South American country. Earlier this week, the government announced that Petro will finance the large housing project that will start in the country. The "Great Housing Mission" is intended to complete the construction of 3 million homes for the Venezuelan people.
The Great Mission for Venezuela Housing (GMVV) was commissioned for the first time by the government of President Nicolas Maduro in June 2018. The residential construction project has seen over 40 companies participate in the process of building GMVV homes. Speaking on the issue during the first meeting of the government of the year, Ildemaro Villarroel, the minister of Habitat and residential construction, have asked several independent and private companies to join the state parastatali to see the GMVV project.
Villarroel also urged these companies to accept payments and transactions through the sovereign Petro token. The GMVV project companies have taken a slow approach to adopting the Petro currency. The development of Petro cryptocurrency has not yet matured with users who have offered "Petro certificates" pending the current cryptocurrency to be unveiled.
The project completed the construction of 2.5 million housing projects across Venezuela after Maduro offered $ 750,000 USD and 998,000 Petro coins to kick off construction work.
Calls to adopt Petro Digital Coin
Despite the huge marketing plans of the Venezuelan government to push for Petro's adoption in various economies and companies, most investors do not buy it. However, the problem stems from the cryptocurrency development team that has yet to release the real digital currencies, forcing investors to keep their "Petro certificates".
Several initiatives have been launched to promote the adoption of Petro in Venezuela, including the establishment of a national currency and pensions and salaries in the quarters calculated in Petro.
The future of housing projects?
The GMVV housing project is set to complete 2 million homes for Venezuelan citizens and sell 1 million hectares of land using Petro. However, in recent months we have witnessed the closure of the major Russian and Chinese property companies that raised doubts about the project. In addition, the government owns $ 110 million to Belzarubezhstroy, a construction company owned by the Belarusian government.
Petro's future is also gloomy given that adoption rates are low while the Venezuelans turn to Bitcoin, which saw an 18% increase in Bolivar's Bitcoin market volumes.
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