Minister of Venezuela's Public Works and Housing announced that the government plans to provide funding for construction of houses for homeless via the national oil-backed coin – El Petro.
As commented the official, the cryptocurrency brings certain benefits, which can be considered as a kind of the shield for the housing sector in the country. Nicolas Maduro, Venezuela's President, has already greenlighted allocation of VEF 75 billion (some $750,000) and 909,000 Petro coins for a building of new houses under the project “la Gran Misión Vivienda Venezuela (GMVV).
According to the news reports, 33 local construction companies are passing different inspections for development of the project.
"Together with the governors, we reviewed plans that we will start up in the second quarter, in this second quarter the GMVV will have an injection of financial resources, which this year will be protected and established with the Petro,"
Notably, that Venezuela probably applies El Petro to different projects striving to boost demand. Specifically, it offered India to source crude oil with 30% discount, but the payment might be made with El Petro. However, India refused to deal at such terms.
For reference, the pre-sales of El Petro amounted $3.338 billion.