News Venezuela to use Petro Sale Proceeds to Build 3...

Venezuela to use Petro Sale Proceeds to Build 3 Million Housing Units

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Venezuela’s national cryptocurrency has been pretty controversial. Most people assume it is not a currency that will gain traction whatsoever. If President Maduro is to be believed, things will improve soon. More specifically, he claims people will be able to buy housing units with the Petro.

It is evident the Petro has no real use cases right now. Venezuela’s controversial cryptocurrency is mainly aimed at investors and speculators. For the average consumer, there is no benefit to this currency as of right now. Incorporating this new currency into the local economy will not be easy whatsoever. A plan is currently on the table to change all of that.

Positive Petro News Raises More Questions

More specifically, President Maduro greenlit a plan to build three million housing units. All of the building expenses are financed with funds from the Petro sale. The project will encompass 14,000 hectares a swell. It is a big undertaking for the struggling nation, albeit one that will finally show why the Petro is needed. Using the raised money for proper purposes like this one is a positive trend altogether

The big question is how legitimate this new plan will be. Given the outspoken negativity regarding the Petro, it is only normal people question its legitimacy. At the same time, the money raised during the crowdsale is perfectly fine as of right now. It seems to be a matter of time until we receive more clarity regarding the future of this currency. For now, the housing unit plan will go ahead as planned, until proven otherwise.

For now, it remains unclear how clients can purchase these housing units. It is doubtful they will be provided free of charge to local residents. It is possible this is somewhat linked to the desire of setting up more Bitcoin mining operations in the country. For the time being, there are a lot of questions and very few answers regarding this particular venture. Even so, it is good to see the Petro make some semi-positive headlines.

Header image courtesy of Shutterstock

Tags: Maduro, Petro, venezuela

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