Venezuelans will soon be able to buy real estate with Petro

Venezuela

According to Venezuelan news, Noticia al Día, Venezuelan president Nicolás Maduro, has said that real estate sales using the national cryptocurrency will commence from April 20th.

Citizens and legal residents are able to buy Petro online and Madura has publicized the strategy to encourage the distribution of the digital currency. National authorizes will create four special economic areas located in Los Roques, Paraguaná, Ureña, and the Margarita Island, where goods are services will be priced in the new governmental cryptocurrency.

Earlier this month, Maduro boldly claimed the success of fundraising for the cryptocurrency, boasting an invested figure of over $3 billion USD from 127 countries. He has since told local news that the Petro can be purchased by fiat, or national tender – such as Euro and Russian Rubles – and other cryptocurrencies such as Bitcoin and Ethereum.

Maduro also said earlier this week that 82.5 million Petros had been sold since the launch of the national cryptocurrency.

The socialist government in the capital city, Caracas, plans to use a portion collected from the pre-sale (valued at $735 million USD) to finance 236,000 new homes. When looking at the maximum figures available, this equates to a paltry $3,114 USD per home and whether this intention can come to fruition is yet to be seen.

Under the Grand Housing Mission initiated in 2011, the officials are hoping to build an optimistic number of 3 million units by 2019, using an allocated space of 14,000 hectares of government-owned land.

Maduro is planning another digital currency event to be held in Caracas in mid-April, just before the authorization of real estate crypto-purchases.

United States’ president Donald Trump recently sanctioned an order to ban American citizens from transacting with the Venezuelan cryptocurrency. This was met with rejection from the South American president with Maduro saying that any measures laid against the Petro are intended to harm Venezuela’s economy.

It is still unclear whether this will have any ramifications on the Petro, or whether Maduro’s structures in place are solid enough to stand the impact of the sanctions.

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