Venezuelans to Buy Homes and Property with State Cryptocurrency

Venezuelans will be able to buy houses and other property with their new national cryptocurrency. Real estate deals in petro will be authorized in April, President Maduro announced. The government will also finance the construction of 230,000 new homes using funds from the pre-sale of the oil-backed crypto.  

Four Economic Zones to Accept Petro Payments

All citizens and legal entities in Venezuela can now buy the national cryptocurrency through its website and soon they will be able to spend their petros as well. Sales of real estate in the oil-backed crypto will be allowed from April 20, Nicolás Maduro said, quoted by Noticia al Día.

The Venezuelan president also revealed authorities will create four special and exclusive economic zones to stimulate the circulation of the petro. They will be located in Los Roques, Paraguaná, Ureña and on the Margarita Island. Goods and services there will be priced in the new government-issued cryptocurrency.

Last month Maduro authorized all savings banks in the country to use the petro, as news.Bitcoin.com reported. Later he said all state institutions engaged in foreign exchange had been instructed to do the same.

Maduro announced that more than 200,000 orders from 133 countries have been placed during the 30 days of the petro pre-sale. He told local TV the total of the orders amounts to $5.25 billion USD. The president also said petros can now be purchased with fiat currencies like Russian rubles, Chinese yuan, Turkish lira and euro, as well as with cryptocurrencies like bitcoin, ethereum and NEM…

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