Since India has announced a ban on cryptocurrencies (not directly) it doesn't seem that India will accept this proposal. As the US has also banned Petro and India can't afford the US's hostility resulting out of this move, Venezuela's plan seems not to be fulfilled.
Venezuela is in desperate need of money as its economy has dipped so low that it has become a big task for its citizens to even feed themselves two time daily. So, overall it seems to me a desperate move which is not likely to be successful. But this world is very strange. let's see what happens!
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Jfyi. There is no ban on cryptocurrencies in India yet.
No no bro! I meant it was an indirect ban because government didn't allowing banks to have any business relations with cryptocurrency traders. I hope this situation will not stay longer.
Thanks!
Yes. I hope so too. Another 2 months and we'll know for sure.