Crypto-Estates: Venezuelans To Buy Homes With Petro - MnTrendsNews


Sunday, 25 March 2018

Crypto-Estates: Venezuelans To Buy Homes With Petro

Venezuelans will soon be able to buy houses with the country's cryptocurrency Petro in April, as Real Estate deals will be authorized in April. The Venezuelan Government will also finance the construction of 230,000 homes with funds realized from the pre-sale of the Petro.


  • The cryptocurrency Petro can now be bought online on the country's website by citizens and legal entities.
  • Maduro, the President of Venezuela also promised to open up four economic zones to encourage the circulation of the Petro.
  • These zones will be in Los Roques, Paraguaná, Ureña and on the Margarita Island where goods and services will be priced in the oil-backed cryptocurrency.
  • Maduro had earlier asked all banks to mine the cryptocurrency; he also mandated all state institutions that deal with foreign exchange do the likewise.
  • The President also announced that Venezuela had received more than 200,000 orders since the Petro's launch.
  • He also announced that since it's launch, 82.5 million Petros has been sold.
  • He plans to use $735 million from the money realized to finance the construction of 236,000 new homes.
  • On Donald Trump's executive order barring Americans from buying the national cryptocurrency, he said 'Venezuela repudiates the measures against the Petro' and went on to say that such measures were targeted at harming the economy.
What are your thoughts on the cryptocurrency? Does it stand a chance to survive even after Trump's order and do you think it can really penetrate all sectors of the economy?

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