It should not be integral part of the Bitcoin protocol but kind plugin functionality. We can drop it when turn the world to Bitcoin economy.
Pleas give your thought on the idea and its technical implementation possibility.I had a similar idea for a system to be used with a pegged currency called Dollarcoin (https://bitcointalk.org/index.php?topic=702098.0). I envisioned the exchange rate determination to be a function in wallets, where the wallet holder could select from various API sources of exchange rates from something like a drop down list. Or, if they wanted, they could add in their own source. This would form a decentralized consensus exchange rate.