...the rest of the world is not that far behind. They are going to be watching the PBOC's grand experiment very carefully to see how the population goes along with it, or what kind of resistance is offered.
Bitcoin exchanges will continue under increasingly burdensome regulatory restrictions, but setting up accounts and transacting with others via exchanges will eventually be more time-consuming and annoying than setting up a bank account.
So, what are we left with? A state-issued scam coin that is not "backed by oil" but by the government's willingness to accept it for taxes and "services". It will help Venezuelan tax collectors track down every transaction in the country's digital economy.