28. November 2020

Nicholas Maduro has invented where else to „stick“ a Petro token.

Venezuelan President Nicolas Maduro spoke this week about where else the national digital currency Petro can be used. According to him, this tool can be used to finance the construction sector.

Maduro has initiated the launch of the state programme Petro Real Estate. As part of this project, the authorities expect to expand housing lending and increase the scale of real estate construction.

The President is confident that investors, both internal and external, will buy Petro tokens, which are supposedly secured by oil produced in the country. The authorities will then be able to use the capital raised to finance the construction sector.

According to the Venezuelan leader, the state will be able to put up to 400,000 flats into operation annually.

Earlier Caracas announced its intention to use its national crypt currency Bitcoin Superstar review in international trade. The government’s plan is to use this tool to circumvent economic sanctions.

At the same time, the country’s authorities spoke about the launch of a decentralized stock exchange in Venezuela. Investors will be able to make transactions with tokens deployed on the air.

Developers are currently testing the platform software. It will last about 90 days, after which the regulator will issue a licence to the exchange.