I read during the Argentinean financial crisis in 2002 that a private company was considering launching a private currency supported by gold (i.e 100 currency = 1 gram of gold). I consider the idea facinating as every private person would not have to gamble on a government acting responsibly, but could have a very safe hard currency which actually becomes more valuable when there is a crisis. Another issue is also that there would not be inflation in this currency unless the value of gold decreases.

Why hasn't this idea succeeded earlier?

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