The Venezuelan crypto currency, the petro, which has thus far been shunned is about to make a huge move to gain widespread acceptance in South America. The housing minister Ildemaro Villarroel has informed at a government meeting this year that 3 million apartments would be built for the masses and the payment for contractors would be by using the petro.
The petro was launched last year as the Venezuelan economy tottered. It was seen as a measure to overcome the sanctions imposed by the US and the European Union. The crypto backed by enormous oil and natural gas reserves of the country had failed to impress on its debut and none who purchased it at the first public auction a few months ago have yet received the digital currency. The oil-backed digital
coin was first heard about a year ago. Each petro is equal to the price of a barrel of oil, and President Maduro had hoped it would raise enough funds to pay of at least a part of Venezuela's debt obligations. The socialist Maduro government has made little secret of its ambitions though. By government directive, the petro has already been established as legal tender alongside the existing bolivar. The Venezuelan government expects that the gigantic construction project will kick-start financial recovery and give the collapsing economy breathing space. With few takers, the government has now chosen to entice builders into accepting the petro in a bid to push up its visibility.