So this is a semi-centralized crypto, tied to a basket of centralized fiat currencies. In that case, what is the point? Just use a database, PayPal, credit cards, Apple Pay, Zella etc. This is what Venezuela tried with the Petro to capitalize on buzzwords and the naive.
It will not be censorship resistant, would not help avoid the whims of central bankers and it is doubtful it would be secure software.
Just wait until one is shadow banned from using the currency. Or blocked entirely.
Who could possibly think this is a good idea?