The Venezuelan petro-crypto experiment is an interesting one to watch. It's a crazy volatile country, so many factors will play into how it goes, but I think the idea is great. If we want to use cryptos for exchange, we will want to peg them to commodities as much as possible.
I think the ideal situation would be to create a crypto that is tied to a basket of different essential commodities. This would stabilize the coin's value, and allow it to function as a highly stable medium of exchange (rather than a volatile speculative asset that you want to hodl).
Since it would be tied to a commodity, rather than a fiat currency, it will still serve as a great hedge against the potential falling value of fiat currencies. The upside for the commodity providers it that they could pre-sell their goods, as the commodity coins. Kind of like pre-paid gift cards.