So, basically, take a document timestamping service that is decentralized, and throw away this one and only progressive feature of blockchain by making it have something that resembles central authority.

It doesn't sound like the team of economists was assisted by any cryptographers (the "Polish Technology Accelerator Blockchain" has none in their team, so it's not surprising). They may have the competence to design a financial system, but technology-wise it's headed towards failure.