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Such centralized system most likely will be shutdown by US government. See E-Gold, E-Bullion, Liberty Reserve:

https://en.wikipedia.org/wiki/Digital_gold_currency#Manageme...

Well, wasn't e-gold shut down because it didn't comply with aml laws?

What if there were two separate entities? One for the currency, and another one for the exchanges? Only exchanges would be considered money transmitters in such a case, right?

Liberty reserve was structured similar to your idea, you could get it only via exchanges, not directly. That didn't help to protect from US government.

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