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Scheme is not IND-CPA for any message longer than one block. I'll include a image of CBC mode below for reference (Source: Wikipedia). Suppose instead of block cipher encryption we have plaintext xor-ed with the key as you propose. You'll note that for message block 1, $M_1$, the ciphertext block $C_1 = M_1 \oplus IV \oplus Key$. Similarly $C_2 = M_2 ...

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