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If the fiat conversion endpoints are subject to the same regulatory KYC and AML regime then it is no different from the US dollar

Still different because it wouldn’t be fiat. There is no ability to print more gold.

The Bretton Woods are calling and want their policies back.

They control the redemption process, hence can devalue it any time they want

Bingo!

> They control the redemption process,

Not if the redemption process is inscribed in the constitution, in which case, "controlling" it is subject to quite a number of hurdles.

> then it is no different from the US dollar

Yeah?

Can you decide to create more gold out of thin air on a Monday morning like Washington has been doing for the past 100 years with the USD?