The world has lost confidence in the Venezuelan government, and thus in its currency, and if the government adopted a currency it could not directly manipulate

The world has lost confidence in the Venezuelan government, and thus in its currency, and if the government adopted a currency it could not directly manipulate and had publicized inflation rates with trackable velocity and supply confidence would return. The problem with a catch all blockchain solution is that if Venezuela itself just wrote a bitcoin clone, you would not solve any of the problems. In the same way that bitcoin proper has been hijacked by Blockstream ltd or how the developers of Ethereum decided to rewrite history, if it were the Venezuelan government implementing the cryptocurrency it would also be in their power to modify the protocol however they want, assuming they make their implementation the only officially sanctioned / legal one. Even without that, many coins - btc, doge, and eth - have all proven how users simply abandon the money than try to fork a broken development process. It would be very unlikely you could mobilize the complacent mining network of a Venzcoin to switch to clients that fight against state manipulation rather than see the network slowly die off to corruption in the same way almost every cryptocurrency so far already has (~500+ historically, only ~10 at any given time actively trading).