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News > Venezuela

Venezuela Establishes Petro as Payment System

  • Petro currency

    Petro currency | Photo: AVN

Published 19 September 2019

4,740 of the 40,000 homes are to be built through Petro incentives

Homes under construction today through the Gran Mision Vivienda Venezuela (GMVV) will be paid with Petro cryptocurrency, in response to the U.S. economic blockade, reported Habitat and Housing Minister Ildemaro Villarroel.

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This system, implemented by President Nicolas Maduro, is a mechanism to strengthen and counteract the effects of money manipulation and the U.S. government's aggression against the South American nation, explained Villarroel.

He pointed out that 4,740 of the 40,000 homes to be built through Petro incentives are currently under construction, with the aim of confronting the existing economic war against the Venezuelan people.

'These actions will allow businessmen to use the currency to finance the construction of houses of social interest with private capital,' he said.

The minister also stressed that this system allows the construction of the cheapest homes in Latin America, through a legal procedure, which protects the execution of this policy.

GMVV is a program created in 2011 by Commander Hugo Chavez (1954-2013) to help families affected by the heavy rains between late 2010 and early 2011.

Endorsed in the so-called Homeland Plan (government program), the authorities' goal is to reach the figure of three million houses built before the end of 2019, and five million by 2025.

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