Venezuela Plans Discounts, Tax Deals to Bolster Cryptocurrency

Venezuela’s plan for its own cryptocurrency include paying public workers in the digital token and using tax incentives to encourage its use, according to documents obtained by Bloomberg News.

The government intends to issue 100 million petros, with about 38 million going to institutional investors in a month-long presale set to begin Feb. 15 that officials expect will bring in as much as $1.3 billion, according to draft documents. An additional offer to the general public will follow at a higher price, with 44 million petros estimated to fetch as much as $2.4 billion in total. The rest of the coins will go to the government and a panel of advisers who helped the country set rules for the token.