The private key idea is a catastrophe practically begging to happen ;) They'd base their entire economy on the idea that at no point in the future a meager kb of data will not leak from a government or bank in a historically rather unstable country.
Bitcoin's designed to be decentralized, and I don't think it's possible to force Bitcoin into centralized control. If they are going with a virtual currency that's in their control their best bet is going to be a Ripple like currency, like the one Stripe backed last week.
There were many other online currencies proposed before bitcoins. The real innovation in bitcoins is decentralisation, so I suppose if you want to centralise it again, you can just throw out the whole blockchain idea.
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The private key idea is a catastrophe practically begging to happen ;) They'd base their entire economy on the idea that at no point in the future a meager kb of data will not leak from a government or bank in a historically rather unstable country.
Bitcoin's designed to be decentralized, and I don't think it's possible to force Bitcoin into centralized control. If they are going with a virtual currency that's in their control their best bet is going to be a Ripple like currency, like the one Stripe backed last week.
Yeah, I know, it's just a stupid suggestion. :-)
There were many other online currencies proposed before bitcoins. The real innovation in bitcoins is decentralisation, so I suppose if you want to centralise it again, you can just throw out the whole blockchain idea.