Venezuela is an example of a government that engaged in Crypto dealings to elevate their economic crisis. Venezuela ordered the issuance of a Cryptocurrency that is backed
by the country's oil reserves, since the country is nearing a collapse of their traditional currency, The Petro will promote development of infrastructure and manipulation-free markets, all thanks to technology. Venezuela's government, is to release US$1 billion into the economy obtained through the sale of the Petro. The Cryptocurrency is also a way around restrictions on holding foreign currency.
Who would give a vote of confidence to a bank that hasnt even been able to maintain public confidence in the traditional currency? Since the Cryptocurrency is the way around restrictions, it violates sanctions put in place last August? Critics predict that the Petro could become a shitcoin should Maduro be forced out of power. The Petro would collapse, holders of the coins would be unable to exchange them as it would likely be declared illegitimate by a new government. With corrupt Venezuelan officials, nothing about the election was free or fair. Venezuela has fallen to a dictator, (is this not why they refer to it as a warlord coin?) Can you really see improvements for an economy with a fraudulent president?