The socialist government of Venezuela has revealed plans to finance the building of 3 million homes with its oil-backed cryptocurrency, Petro ($PTR). The building project which has been dubbed the “Great Housing Mission”, is meant to provide homes for members of the public, with preference given to young people, professionals, and senior citizens.

Talks are ongoing between the Venezuelan Ministry of Housing, other government institutions and private companies. They have urged construction companies to accept Petro and support the government’s plans.

The minister of housing, Ildemaro Villarroel noted that this move will help consolidate the country’s economy, and that it is possible to build 3 million housing units by the end of 2019. He added that construction materials and adequate budget was not a problem.

Petro coin has been touted as the magic ingredient that will save Venezuela’s dwindling economy by President Nicolas Maduro. He announced the launch of the crypto on October 1, 2018. Since then, critics have had diverse opinions on whether Petro could save the country’s economy.

Interestingly, Petro is a masternode coin. The required collateral for running a Petro masternode is 5,000 $PTR. According to their whitepaper, 85% of block rewards will go to masternodes. However, there are no further details on how to run a masternode for the crypto.

We wrote an article about Petro during its launch. To find out more about the masternode coin, click here.