he Mexicans were a little more circumspect. Back in the ‘70s, I think, they seized all their citizens’ dollar bank accounts and converted them to pesos, then devalued the peso by something like 45%, then said the depositors could convert the remains back into dollars. Not many, if any, did.
The US has a similar history.
The only difference is that it reneged on gold convertibility for residents in the 30s, then on silver convertibility in the 60s, and then gold convertibility for other central banks in the 70s.
Bottom line: governments are utterly untrustworthy when it comes to money. Even the best are atrocious.