All legal entities and citizens in Venezuela can now purchase homes and other properties using the new national cryptocurrency, which can be bought through its official website. Such sales will be allowed starting from April 20. Furthermore, the government will finance the construction of two-hundred thirty new homes with the use of funds of the old-backed crypto’s presale.
The announcement regarding the authorization of property deals in Petro has been made by President Nicolas Maduro. He also revealed that authorities will create 4 exclusive economic zones in order to stimulate the quick circulation of the petro. Services and goods in places including the Margarita Island, Los Roques, Paraguaná and Ureña will be priced in the new cryptocurrency issued by the government.
Cryptocurrency is growing in popularity in countries across the world. It is now becoming the common payment method used in the high-end property market. It is also still largely unregulated, making it more attractive for many potential property buyers. Another reason why cryptocurrency is highly popular among home buyers worldwide is the immediate settlement it provides. Purchasing a home or any real estate property often involves third parties like surveyors and lawyers. The cryptocurrency can easily be tailored to eliminate or add third party approvals. It ensures completion at a date or time, for just a portion of the expense and time needed to conclude a traditional asset transfer.
There are a lot of benefits involved in the use of cryptocurrency to conduct real estate transactions. Buying a home and other property has never been this easy and hassle-free using this innovative technology. Many countries all over the world have recognized this, including Venezuela that is why they are providing this kind of service to its people.
In order to meet the growing needs of the people, the country’s leader, President Nicolas Maduro also authorized every saving bank in Venezuela to use petro. He also said that all state institutions that are involved in foreign exchange were instructed to do the same. President Maduro announced that over 200 thousand orders from one-hundred thirty-three countries all over the world have been placed during the thirty days of the petro presale. Furthermore, the President said that there are 82.5 million Petros that were already sold since the introduction of its cryptocurrency in the month of February.
The government targets to build a total of three million housing units in 2019 under the Grand Housing Mission that was instigated in 2011. The money that will be used to finance the construction will come from the funds obtained from the sales of the currency. With regards to its location, there will be a presidential decree to be made in order to allocate the 14 thousand hectares of land owned by the government to the project.
Cryptocurrency is not bound by the exchange rates, interest rates or any inflationary charges of a nation. It can also be used worldwide without any troubles. It makes transaction more efficient, making it an ideal payment method for purchasing real estate properties.
