It seems to me this will be a Paypal which will not give you protection from your funds getting frozen but it will certainly be less arbitrary than Paypal. If these currency issuers respect their own rules and maintain the peg they set for it, we will see competition between 19th century style money versus hundreds of instances of 21st century fiat currency. Things like these have worked temporarily in the past, but eventually invariably gold backed currencies get debased. That's not to say this time wont be different. That would be great for them. Imagine all of these Zimbabweans no longer under an inflation tax.

The cougar Rands of South Africa was an excellent forms of money.