Interesting. So what they are actually building, is a Bitcoin reserve for a central digital currency, replacing USD, SDR, or gold reserves. The trick here is that it is a one-way accumulator. Bitcoin comes into the reserve but never leaves. The initial money may come from existing USD reserves, or it may be undercapitalized fiat Bitcoin.

Every currency has a value theory. USD has military hegemony and financial market centralization. China has exports and foreign land holdings. CHF is backed by gold. The Euro is trying to become a regional 3rd world reserve through remittances. Labor-based currency has been tried, but, you probably don’t want to know about it.