President of Venezuela demands the use of Petro in the financing of the housing project

The president of Venezuela, Nicolás Maduro, ordered that the cryptocurrency created by the government, Petro, be used to finance an initiative to build social interest homes that are being built.

According to a news announcement on the government’s website on Thursday, President Nicolás Maduro ordered that the oil-backed token should be used to build new homes under the Great Housing Mission of Venezuela, a project established by his predecessor Hugo Chávez in 2011 .

The news was announced by the Minister of Habitat and Housing of Venezuela, Ildemaro Villarroel.

Villarroel said using Petro would allow private investors to finance the construction of social housing through the stock market. Four thousand homes are planned to be built as part of the payment scheme in Petros, there are already 4,740 homes under construction, the minister added, according to the state-owned Venezuelan television news agency.

Joselit Ramírez, cryptocurrency superintendent, said that Petro is a “brilliant idea” of the president in the fight against economic sanctions. All this is framed within national sovereignty, each State is sovereign in terms of decision-making regarding the creation of the cryptocurrency that suits their needs.

The measure seems to be another attempt by Maduro to introduce his controversial cryptography into the nation’s economy. Of course, this policy is framed within the sovereignty of governments, financial and crypto assets.

The president previously ordered that Petro be made available to the public by the most important bank in the nation and forced that pensions should be paid in Petros, although there are limited ways to access the value of the token. In Venezuela there are 6 Exchange available for the purchase of the cryptocurrency Petro

He has also tried to persuade other nations to accept Petro as an alternative to the US dollar in oil markets and for world trade.

There is information that other nations that have received unilateral sanctions from the United States are already in the process of creating their own cryptocurrencies, transactions are expected to be made directly without going through the traditional financial system once they are Build these sovereign crypts.

With the token openly declared as a means to circumvent international sanctions, US President Donald Trump imposed sanctions on Petro last March, shortly after the token was launched.

The unilateral sanctions imposed on other economies by the United States have put sovereign countries to build their own cryptoactive developments, the examples can be glimpsed, it is reported by digital means that Russia, China, India, Venezuela , Iran and other nations sanctioned unilaterally, prepare to abandon the dollar pattern of their financial markets and the alternative is put in crypto assets, each nation will create its own crypto and exchange goods and services with these cryptocurrencies. New announcements are expected.

Reference: coindesk.com

Disclaimer: This press release is for informational purposes information does not constitute investment advice or an offer to invest. The views expressed in this article are those of the author and do not necessarily represent the views of infocoin, and should not be attributed to, Infoc

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