If crypto, being "not controlled by a central authority", solves inflation, surely it would already have replaced the default currency in Venezuela by now?

"Authorities have .. permitted trading of bitcoin in Venezuela, though they have heavily fined and detained people who use computers to earn bitcoins by auditing online cryptocurrency transactions. Such “mining” operations use immense amounts of electricity, which is heavily subsidised in Venezuela — meaning the state essentially winds up paying for the process."

"few businesses openly advertise that they accept cryptocurrency out of concern they will be extorted. It’s still difficult to make many purchases in Venezuela with bitcoin"

https://www.news.com.au/technology/online/venezuelans-seeing...