"With this, we will join the 21st century", he said. The move could be self defeating as the supermarkets were likely to stop stocking items that had to be sold at the lower prices.
Venezuela will today begin selling its own oil-backed cryptocurrency, which the government hopes will raise more than $1bn and save the country's crumbling economy. Or will it turn out to be a South American shitcoin?
Officials say the so-called petro is backed by Venezuela's crude oil reserves, the largest in the world, though it hasn't released any details on how this will be guaranteed.
Venezuelan President Nicolas Maduro hopes to raise foreign investments as his country faces 13,000% inflation, plus food and medicine shortages, purportedly worsened by worldwide sanctions. Maduro has also claimed that 100 million petros will be made available at a value of more than $6 billion.
The U.S. Treasury Department has warned U.S. citizens and companies that buying the petro would mean violating sanctions, putting another damper on the release. According to the International Monetary Fund, this year hyperinflation could hit 2300%.
Samsung to slash OLED panel output as iPhone X slumps
Apple typically retains the ability to buy older models, and even the iPhone 6S can be purchased from 2014 on the website. But the company is still expected to see a profit decline for the first half of the year, compared to 2017.
But experts are skeptical about the Petro's chances of success, pointing out that the country's deep economic imbalances will only serve to undermine confidence in the new currency.
"In terms of global investors, there are huge risks because these are barrels [of oil] that are not being developed, at all", Caracas analyst Jean Paul Leidenz tells Otis.
"Indeed, the very fact Petro is being backed by oil is somewhat questionable".
The U.S., which has already imposed sanctions on Maduro and his regime and labeled the head of state a "dictator", has also declared that it has no intention of recognizing the upcoming election. The government was prepared to release only 80 jailed anti-government activists and Maduro said all jailed activists were in prison on legitimate charges of violence and subversion. It has opened a registry for so-called "miners" who will be able to earn petros through a process of auditing online cyrptocurrency transactions.
He has managed to hang on to power despite predictions of his demise amid Venezulea's downward economic spiral.
Maduro started bandying about the idea of Petro a year ago.
Maduro will stand for re-election in April in a ballot opposition leaders plan to boycott. But critics say the election is a farce, with Maduro's main rivals barred from standing and a compliant election body bound to favour the socialists.
Natural disaster rattles parts of UK
A 4. 4 magnitude natural disaster hit south Wales on Saturday, causing tremors to be felt across western Britain . Gareth Rhys, who was in Cardiff when the natural disaster hit, said the "whole room shook".
The six sentenced journalists are Nazli Ilicak, Ahmet Altan, Mehmet Altan, Fevzi Yazici, Yakup Simsek and Sukru Tugrul Ozsengul. A picture tweeted by lawyer Veysal Ok showed Yucel outside jail embracing his wife.
Finn Balor then took on Elias and defeated the guitar player by attacking his injured ribs with a Coup de Grace for the victory. The two would go a full 20 minutes, with Rollins eventually defeating Reigns with a roll up pin.
With a one-game lead over Michigan State and Purdue, the Buckeyes are in control of their own fate inside the Big Ten. Both coaches were pursued by National Football League teams and Division I programs during the off season.
Reports in the Thai media in 2014 said he had fathered 16 children in Thailand, but the court's decision mentioned only 13. But he later took Thailand's Ministry of Social Development and Human Security to court to seek custody of the children.
AIPAC earlier in the day announced that Netanyahu would speak at its annual March 4-6 policy conference in Washington. Netanyahu and President Donald Trump had previously met in January at the World Economic Forum in Davos.
What's open on Presidents' Day? The holiday can take place between February 15 through February 21 inclusive. The holiday was established nationwide in 1885 to recognize George Washington's birthday on February 22.
Twitter accounts from classmates of those killed on Wednesday featured strong words for anyone who doubted the need for gun laws. Women's March Youth Empower, an initiative by the people who organized the Women's March, is also calling for gun reform.
Anupam Kher too wrote on Twitter , "It was such a pleasure to meet the Canadian Prime Minister @JustinTrudeau & his family". However, Amarinder Singh has now directed the state administration to roll out the red carpet for Trudeau.
Earlier the leaders held "substantive" talks to boost cooperation in key areas of security, trade and energy. And agreements may also happen in the fields of agriculture, communications, medicine and health.
Number of measles cases in Limerick at 15
The first confirmed cases were detected on January 3, and the outbreak was announced by the HSE on January 31. That's because most people will be immunised against the disease, having been given the vaccine as a child.
Iranian rescue teams find site, wreckage from plane crash
The Aseman Airlines flight from Tehran disappeared on Sunday, 50 minutes into its journey to the southwestern city of Yasuj. However, a detailed investigation should be carried out to determine the exact the reason for the crash.
Primetime Ratings: NBC Olympics Down
The Saturday coverage was third for the week, averaging 21.394 million, 14.8 percent less than the 25.12 million average in 2014. NBC brought in 16.2 million of those viewers, with the combination of NBC and NBC Sports pulling in a combined 18.9 million.
Nagasu, Rippon help lead Americans to figure skating bronze
Figure Skating committee based on her performance in a series of events, including a second-place finish in last month's U.S. Only two other American women have even landed it at a competition: Tonya Harding in 1991 and Kimmie Meissner in 2005.
Anushka Sharma-Virat Kohli relationship
I would be going to the bookstore and buying the latest Oxford dictionary, just to improve my vocabulary (in praise of Kohli ). Aiden Markram has admitted that captaining South Africa during the ODI series against India was a "tough" experience.