I took the question to be on the logistics of executing this kind of operation with digital ledgers, not on when/whether those operations make sense.

Confiscating foreign assets would do little[0] to reduce inflation. But it's the same for local assets. Obviously just chopping off a zero from every note and bank balance doesn't actually reduce inflation, unless accompanied by some other structural changes.

[0] I say "little" rather than nothing, since it could have the effect of repatriating the money -> increasing the exchange rate -> making imports cheaper. But I can't imagine the effect being strong.

It can do; everyone you export to and import from still has the same money with which to buy and sell, and the same goods have different prices than you'd expect from just exchange rates in different markets.