Is there any initiative about such thing already going on ? Maybe such project is already in development and I am late to the party, as always? Or maybe this is an impossible thing to do? I am new to this and I would appreciate your comments.
Sure there is. Probably a several. The only one that exchanges fiat to crypto and not just crypto/crypto trades is Bisq. You can't really be late
There is much of improvements to be made and it doesn't require any altcoin to be used or anything like that, just p2p trading in a secure manner.