Venezuela's Habitat and Housing Minister, Ildemaro Villarroel, recently revealed that the country's government plans to finance the construction of villas using its oil-backed crypto currency, the Petro.

The villas will be financed as part of the country's housing project "the Great Housing Mission Venezuela (GMVV)", which according to sources aims to provide homeless families a decent and accessible housing solution, using data provided by the community interested in solve the problem of the family housing deficit. "

Villarroel indicated that 33 local companies are already undergoing technical, financial and logistical validation processes to carry out construction projects.

"Together with the governors, we review the plans that we will begin in the second quarter, in this second quarter GMVV will have an injection of financial resources, which this year will be protected and established with Petro," the minister said.

Nicolás Maduro, approved the use of 75 billion bolivars (worth about US $ 750,000) and 909 thousand Petros to build the new villas. The Venezuelan official added that the oil-backed cryptocurrency offers benefits that "represent a protective shield for housing construction."

Venezuela has been giving several cases of use to Petro, presumably in an attempt to pump the demand. Earlier this year, it revealed that it "could" charge for exports in the oil-backed cryptocurrency, and offered India a 30% discount on oil, if it paid with petros, an offer that India rejected.

Since it was announced late last year, the oil-backed cryptocurrency has been embroiled in controversy, with the country's National Assembly declaring it unconstitutional, and President Donald Trump prohibits US citizens and residents from investing in it.

The Trump movement, according to Venezuelan officials, was a "free publicity" that helped double the number of interested investors.

However, the official stressed that the Venezuelan cryptocurrency has offered benefits that represent a protective shield for the construction of houses, I assure to be reviewing the adjustment of the housing goal during the second half of the year that will be protected with this digital currency.