State Cryptocurrency Used By Venezuelans To Buy Homes And Property

The new national cryptocurrency in Venezuela allows the citizens to buy houses and other properties. In April, real estate transactions will be authorized, as announced by Maduro, the president. The construction of 230000 new homes will be financed by the government using the funds from pre-sale of the oil-backed cryptocurrency.

The national cryptocurrency is available for purchase for all citizens and legal entities on the Venezuelan soil, via its website. They will soon be able to spend their Petros as well. Nicolas Maduro was quoted by Noticia al Dia saying that sales of real estate in the oil-backed crypto will be allowed from April 20.

According to the president’s revelations, Venezuelan authorities will create four special and exclusive economic zones to stimulate the circulation of the petro. They will be located in Los Roques, Paraguana, Urena and on Margarita Island. The new government-issued cryptocurrency will be used for all purchase there.

Last month Maduro authorized all savings banks in the country to use the petro, as reported. Later he said all state institutions engaged in foreign exchange had been instructed to do the same.

Maduro announced that more than 200,000 orders from 133 countries have been placed during the 30 days of the petro pre-sale. He told local TV the total of the orders amounts to $5.25 billion USD. The president also said Petros can now be purchased with fiat currencies like Russian rubles, Chinese yuan, Turkish lira, and euro, as well as with cryptocurrencies like bitcoin, ethereum, and NEM.

Venezuela’s president said earlier this week that 82.5 million Petros had already been sold since the launch of its cryptocurrency in February. Some of the $735 million collected from the pre-sale might be used by the socialist government in Caracas to finance the construction of 236000new homes.

The 2019 target of the government is to build a total of 3 million housing units under the Grand Housing Mission launched in 2011. The construction will be financed with the funds from the sale of the oil-backed currency. As for the location of the construction, a presidential decree will be made to allocate 14000 hectares of government-owned land to the project.


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