Venezuela funds accommodation for homeless with its cryptocurrency Petro

Venezuela’s government has established a housing project called “la Gran Misión Vivienda Venezuela (GMVV),” that is oriented on providing homeless families with accommodations. Venezuela’s minister of Habitat and Housing, Ildemaro Villarroel, pointed out that this year financial resources will be supported with Petro, Venezuelan oil backed cryptocurrency.

Good social project, farewell El Petro!

Good social project, farewell El Petro!

According to local news, Nicolas Maduro, Venezuelan leader, has confirmed investment of 75 billion bolivars (about $750,000) and 909,000 Petros for the construction project. The government emphasizes that cryptocurrency offers protective benefits for the real estate project.

The Venezuelan oil backed cryptocurrency Petro was launched in February 2018 as an attempt to support weak Venezuelan Bolivar. Since then Venezuela is trying to create a demand for the cryptocurrency and accumulate more value for Petro. These include plans to accept payments for exports in Petro, as well as discount offers for those who will pay in Petro.

At the end of May, India rejected a discount offer on crude oil – it would get 30 percent off if paid in Petros.

Though the legitimacy of Petro is disputable and raises discussions among the crypto community and financial institutions, this is not the first case when cryptocurrency is involved in charity and socially oriented projects. As we reported earlier last month, the group called “Eat BCH” spends donations collected in bitcoin cash to buy goods for people that are in extreme poverty.