According to local media Telesur, these properties are part of the Venezuelan housing project “la Gran Misión Vivienda Venezuela (GMVV)” and are funded through the project. According to sources, Venezuela hopes to provide decent and accessible housing solutions for homeless families and help community families who do not have enough funds to buy or rent housing.
In addition, 33 local companies have pledged to support project construction in technical, financial and logistics verification processes. The Minister of Housing and Housing of Venezuela, Irdmaro Villarreal, said:
“The GMVV project is scheduled to start in the second quarter. We have reviewed the project with the government management agency and decided to inject financial resources into it. The project will be built under the financial guarantee of the PetroCoin.”
Telesur also reported that Venezuelan President Nicolas Maduro has approved the use of 75 billion Bolivar (about $750,000) and 909,000 coins to support the housing security project.
Venezuelan PetroCoin status
In fact, Venezuela has been trying to find practical applications for the PetroCoin, aiming to increase the demand for the cryptocurrency. Earlier this year, the government revealed that if India used PetroCoin to buy crude oil, it could get a 30% discount – but it is said that India rejected the proposal.
It is worth noting that in April this year, Daniel Pena, responsible for the blockchain business of the Venezuelan government, said in an interview with the country's media, Cuatro F, that the impact of the PetroCoin will appear in the “three to six months” period. On the other hand, the Brookings Institution, a well-known think tank with a history of 100 years, claims that the PetroCoin has destroyed the legal cryptocurrency market because Venezuela sells it in order to evade international sanctions and introduce overseas capital, and according to the white paper on petroleum coins. This cryptocurrency will be used to pay taxes, public services and other fees.
Since the launch at the end of last year, the PetroCoin coin has been controversial. First, the Venezuelan National Assembly declared that the cryptocurrency was unconstitutional, and then US President Donald Trump also banned US citizens from investing in PetroCoin coins.
However, according to Venezuelan officials, the number of investors has doubled since Trump announced the ban on investment in PetroCoin. Not only that, the PetroCoin may continue indefinitely because Maduro has been re-elected as the Venezuelan president.