Ecuador's Cryptocentavo centralization problem

I just read the following article about Ecuador’s plan to implement it’s own national state driven crypto currency named “Cryptocentavo”.

The point of the author seems to be, that the security model of cryptos is based on decentralization and this cannot be preserved when the central bank of a country is in charge of managing a crypto.

What if they just decide to issue their currency as peer shares? Then the denominations would be tradeable and would be secured by the decentralized peercoin network, right? I always read sidechains, but didn’t fully understood them yet. May they be a solution for Ecuador’s central bank to control somehow the distribution of their crypto, but outsource security somehow?