No, the reason governments can do this is because people trust their IOUs. That’s why they can do the same thing with or without any underlying asset with any characteristics.
The characteristics of the underlying asset would probably modulate the degree of trust people can put in a government’s IOUs, but considering e.g. the extent of people’s trust in the US (with no underlying), I think it’s fair to say if Bitcoin became this currency, governments would have no problem issuing IOUs for it that people would trust.
The characteristics of the underlying asset would probably modulate the degree of trust people can put in a government’s IOUs, but considering e.g. the extent of people’s trust in the US (with no underlying), I think it’s fair to say if Bitcoin became this currency, governments would have no problem issuing IOUs for it that people would trust.