Could a country adopt cryptocurrency? Yes they could, but to what end? What does cryptocurrency offer that current electronic funds do not also offer?
How many of you have actually physically seen your net worth in gold? Probably, none of you. You trust that your stockbroker can turn part of your portfolio into cash, and that your bank can produce cash that's the equivalent of what your account says, because they usually do.
We already live in an electronic currency world.
The euro and dollar have value, because you can buy lots of stuff with them. Everyone accepts either, for what the currency says it is worth (with some minor fluctuations). What could you buy with a Venezuelan bolivar today? Venezuelan citizens can't even buy toilet paper with it right now.
Cryptocurrency is nothing more than what we already have today: electronic funds and printed currency. Yes, there has been a spectacular rise in bitcoin prices, but that appears to be speculators driving the price up amongst themselves with flashy get rich quick news stories stoking the fire. The hard fact is: bitcoin has no gold, real money, or stable, prosperous government backing it up. Speculators look only at the price rise, and not the intrinsic value. That is the same basic theory that was behind the dot com boom (and bust) and the real estate boom (and bust), investing on price rise and not real value. It works... for a while... but always goes bust.
Venezuela says that it's new cryptocurrency is based on its oil reserves, but the same can be said of it's current near worthless bolivar. Doesn't matter what Venezuela presents as currency... if the intrinsic value of that currency is hamstrung by an incompetent government. What value is that oil, if the government is so overrun with cronyism and personal greed that the oil can't be extracted and moved to market, to be turned into real money?
Venezuela's move looks more like a desperate attempt to divert attention away from it's current dismal economic state, and to associate it's currency with the wild speculation taking place around bitcoin right now. They claim it is backed up by Venezuela's oil reserves, but even the value of that is subject to extreme changes, both economic and regime.
This is not revitalizing Venezuela's economy... only a serious change of leaders can do that. It's repackaging dung.