The idea of a blockchain-based fiat currency for Asia and Africa is great. It gives people access to an efficient, transparent, and most importantly fair financial system. Decentralisation makes blockchain a powerful anti-corruption tool. Additionally, underpinning this money with tangible assets provides stability.
The problem is implementation. If the code isn't public, we're gambling heavily. Governments may preach the virtues of such a system, but without openness, they may manipulate it. CBDCs began with good intentions but quickly turned bad. We encourage calculated risks, but this? Not quite great. The idea is good, but we must be conscious of the risks. The balance between creativity and caution is challenging.
Basically telling the world that it would have transparency, decentralization and something that will connect everyone together. Stablecoins basically managed to do that, it's a great invention for people who live in poorer nations because you get to be able to get paid easier, that's actually a good thing. I understand it is not that common but we are capable of doing it whenever we want to, and that's an important thing.
I agree that it is not that common, but I think it should be important to realize that you could do something that will benefit everyone with a simple currency. Normal fiat is not that easy because it is centralized, a decentralized stablecoin would be a lot better for everyone around the world for sure.