Second Life does something like this using the Linden Dollar. Also the rate changes based on factors, kinda like how the Euro value will change over time. http:

Second Life does something like this using the Linden Dollar. Also the rate changes based on factors, kinda like how the Euro value will change over time. http://en.wikipedia.org/wiki/Economy_of_Second_Life http://en.wikipedia.org/wiki/Economy_of_Second_Life might be a good read to see how a real company is doing this. Also in the TOS(http://secondlife.com/corporate/tos.php?lang=en-US#tos5 http://secondlife.com/corporate/tos.php?lang=en-US#tos5) basically says the own all the money. So depending on the legal wording maybe the lack of insurance isn't that big of a deal but it might cause trust issues. I'm not a lawyer so i'm not really sure, just think the Linden Dollar might be a good example to research before creating your own type of money.