Stupid idea. First of all, they need to get rid of the idea of communism and universal equality. The introduction of its cryptocurrency will not change the situation.
I am wishing Venezuela all the best and if it is possible that introducing their own version of a cryptocurrency can help shore up their ailing and damned economy so be it. However, judging on the many problems of the country's economy, it is worthless to be having a coin issued by the state or the failing government. Where will the confidence and trust be coming from? We have to remember that this PETRO is actually the digitized version of their fiat money whether they admit or not. It would be interesting then to watch this coin and how the market would be reacting to it. Once its failure can be established it would be serving a big lesson to all of how jumping into something without first thinking many times over can be the worst decision the country's leaders can make.