Sure, Zimbabwe and the Weimar Republic issued currency that was mostly not backed by repayment obligations (they printed precisely because they needed funds far

Sure, Zimbabwe and the Weimar Republic issued currency that was mostly not backed by repayment obligations (they printed precisely because they needed funds far in excess of what they could tax) much like Bitcoin is almost entirely not backed by repayment obligations. It is possible for a sufficiently incompetently managed central bank to create an asset almost as unlikely to be needed to make payments as your average cryptocurrency.