Sunday , June 20 2021

Maduro is trying to challenge the GMVV structures "for Petro"

Photo: Presidential press

On Thursday, President Nicolás Maduro confirmed that his government is using the "petro" cryptocurrency, which he launched at the end of 2017, and which was sanctioned by the United States and declared illegal by the National Assembly (AN, Parliament) to build housing inside its the "Great Housing Mission Venezuela" mission

Venezuela Daily Review

Maduro told a compulsory radio and television station that "We are building Venezuelan housing in" petro "so that it burns so that it hurts the (American) empire." However, he did not explain how many homes were built from resources paid for by cryptocurrency.

The President only pointed out that so far his administration had provided 2.3 thousand. Housing thanks to the government program that initiated the deceased Hugo Chávez (1999-2013) and that he expects to collect almost 3 million more by 2025.

In this regard, he stressed that the organized population must cooperate with the "self-improvement" of housing construction in order to achieve the said goal, and that in Venezuela a "revolution in architecture" operates, saying that "They will not be able to cover the world (which we built) 2.3 million homes with economic and financial war, persecution, sabotage and nothing, and nobody stopped us," he added.

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In December last year, the president announced the creation of "petro" as a way to "progress in monetary sovereignty, make financial transactions and overcome financial blockade".

Currently, the currency supports 5342 million barrels of crude oil from the Petrólifera del Orinoco Belt, a large region of the country with the world's largest hydrocarbon-proven deposits.

Although cryptoactive, which, according to the Venezuelan government, shifts millions of dollars in the market and can be exchanged for other digital currencies, it was considered by the parliament as "zero", the overwhelming majority of the opposition, recalling that the Constitution prohibits "using national reserves as a guarantee".

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