Chiemgauer is run by a non-profit and is a regional currency designed specifically to avoid international interests removing money from the area. My home us county has some terrible incarnation of them. Calling it private (implying for profit, in my mind) or at all comparable to Libra requires some flexible thinking when it very different from the Chiemgauer in every sense EXCEPT being run by a non government entity.

Also these bills literally say on the bill what currency they’re pegged to every time I’ve seen them. There aren’t enough in circulation for basic transactions otherwise.