at face value is a great idea, you sidestep blockchain adoption by tying it to physical and social services, you sidestep certain taxation like vat because value is gained only when these coin are converted back into money, you're not holding account because people purchase coins for money, so the money you sit on is yours, they only have a guaranteed buy back price.

it's extra funny because I know a startup that did basically that and is quite successful; but of course it focused only on the coin service exchange part and throw away the bitcoin / services nonsense.