This is correct, but this is precisely the type of cryptocurrency that governments are going to create in order to deceive people into thinking that they are investing in a new technology when it's nothing more than glorified fiat, I really think that is the next step that governments are going to take, you just need to look at Venezuela and their attempts to create their own cryptocurrency.

But like always their efforts are going to fail, those kind of currencies in which a centralized party can print as much of it as they want are always going to fail because those currencies are not based on sound economic principles, you cannot create wealth by printing money you only create an a scenario in which your currency loses value.