Sure it's not a new problem, but it's one of the things people claim will be solved by crypto currency. If crypto currency is just regular currency except controlled by a non-democratic entity then it's a step back, not a step forward.
I'd say it's a step sideways.
The USD or any fiat currency is not controlled democratically or by a democratic entity either. When was the last time we heard of a vote before increasing the money supply of a nation's currency? If there is a vote, it is done by people who have not been democratically elected.