The only reason people like bitcoin is because of its decentralizness (yes im aware there are big caveats on that in reality)

If you're ok trusting a specific entity, might as well just set up a mysql server.

If you dont want to trust a central entity but are still ok with it existing as potential single point of failure, use chaum style digi-cash https://en.m.wikipedia.org/wiki/DigiCash

So if you're ok with this weird centralized on space x solution, you should be ok with a lot of other semi-centralized designs that solve all the same problems only better.