Venezuelan Government is Reportedly Encouraging Citizens to Buy Property with the Petro

The government of Venezuela is reportedly planning to encourage its citizens to buy property using the controversial Petro cryptocurrency.

Ildemaro Villarroel, Venezuela’s minister for Habitat and Housing, told local news outlets that there was real estate currently available under the nation’s Great Housing Mission scheme. There is also a 10% discount being offered on all property that is purchased using the Petro, according to the Prensa Latina.

Since its launch, the Petro has been promoted primarily by Venezuela’s president, Nicolas Maduro. He has claimed that the national cryptocurrency is backed by the country’s vast oil reserves and that Venezuela will be able to use the digital asset to freely engage in trade relations with other nations.

Planning To Build 3 Million Housing Units By End Of 2019

Notably, there are currently 15 local construction companies that are prepared to conduct transactions using the state-backed digital currency. Commenting on the nation’s housing and real estate program, Villarroel said that the government was working with private companies to provide low cost housing and the initiative would also promote the use of Petro for acquiring property.

At present, there are 2,508,603 residential properties that have been built under Venezuela’s Great Housing Mission. The program’s goal is to build 3 million housing units by the end of this year. Introduced in 2011 by the former (late) Venezuelan president, Hugo Chávez, the housing program aims to help local residents that were affected by the severe flooding which took place during 2010-2011.

Although the housing fund is available to all Venezuelan citizens who may have been displaced or lost their homes, it is mainly intended for people that may not be able to afford buying property due to crippling hyperinflation.

Venezuela Fights Back Against International Sanctions

As CryptoGlobe reported last week, the Venezuelan government had filed a complaint against the US before the World Trade Organization (WTO). The South American country’s government has accused the US of violating the General Agreement on Tariffs and Trade (GATT) and the General Agreement on Trade in Services (GATS).

The accusations have been made in response to the renewal of US government-led political and economic sanctions enforced on Venezuela. As stated in the complaint document, the US has imposed (what Venezuela’s government considers) “discriminatory coercive trade-restrictive measures with respect to transactions in Venezuelan digital currency”.

As covered, Reuters had performed a four-month long investigation last year in Venezuela which was focused on determining whether the Petro was actually being used for local or global transactions. Notably, the reporting agency found “no evidence” of the so-called national cryptocurrency being used by Venezuela's citizens or businesses.

Max Keiser: Bitcoin Dominates Altcoins in Cryptocurrency Debate

  • Keiser Report host Max Keiser claims that bitcoin continues to dominate altcoins and provide more investor security.
  • Keiser predicted bitcoin's market dominance and hash rate to reach 99 percent within the next five years. 

Max Keiser, host of the Keiser Report, claims that bitcoin has no cryptocurrency rivals and that most altcoins fail to live up to the standard set by BTC. 

Speaking in an appearance on London Real, Keiser dismissed the possibility of a new crypto-asset emerging and eating into bitcoin’s market dominance. 

He said, 

There’s no coin out there that can do what Bitcoin doesn’t do already or will be able to do shortly. What you’re buying with Bitcoin is security.

Keiser continued, arguing that hard forks of bitcoin such as bitcoin cash and SV lack security compared to the original BTC.

The avid bitcoin supporter also referred to several altcoins as being “pure exit scams,” intentionally designed to manipulate investors. 

He explained, 

They have huge ‘pre-mines’ that the founders are selling or dumping and making a lot of money. A lot of people are losing money, and they have no use case. So like a Ripple or an Ether, even, is an exit scam. It’s to be avoided. Those are the top coins.

Keiser predicted that bitcoin’s market share and hash power, sitting at 65% and 85% respectively, will continue to rise relative to the market. He claimed that within five years bitcoin will account for 99% of all cryptocurrency hashing power and market capitalization. 

Featured Image Credit: Photo via