Almost the same mate, Venezuela is already known as a fragile enocomic country in the world. Their had natural resources like Oil but they couldn't use it in a proper way so that their economy became destructive. In this time, crypto can help them to store their money by them where government can't do anything. The country is still struggling with their fragile economy.
The country doesn't have enough forex reserves at hand to keep the national currency from falling. To make matters worse, their gold reserves (which were stored in London) got confiscated by the British government. So they lost whatever little gold reserves they were actually having. The government tried to pass the burden towards the citizens. They kept the exchange rates at artificially low levels, which is much different from the black market rates. Now the citizens don't have any option other than to use assets such as Bitcoin and gold to protect their wealth. Gold is also not preferred, because the chances of confiscation by the authorities is there.