I think this proposal is very interesting and could help in the Celo adoption in the long term.
I am working together with @pin0x1611 and @juancamp1987 in a similar proposal to move forward in the launch and mass adoption of a stable currency associated with the Colombian Peso (Proposal to introduce Colombian Peso (cCOP) Stable Coin)
This idea is supported by the fact that Colombia isone of the 15 countries with the highest crypto adoption, but Colombian people is used to think in local currency and the adoption of more Crypto depend of the fact of have one StableCoin pegged to the Local Currency, So we need to move forward with this proposal and crypto adoption could begin to grow based on the Colombian Peso.
I think mento labs team is very suportive with this type of proposals and @bowd head of Product at Mento @olektronisch and @marek are also supportive with new stablecoins being alive in Celo Ecosystem.
Only for curiosity, I want to know about regulations in theses countries where the idea is to use this stablecoin. I am a lawyer and this topic interests me very much.