Define a well designed set of counterfeit proof paper dollar amounts, as usual. But license the design, let any bank issue the currency using the defined technology, as long as their bank name is printed, with the counterfeit proof method, right on the currency.
The only function of central government is to secure the proper counterfeit technology. Central government would be in the standards business, and extend no further. The Department of the mint could help define digital security standards, smart card standards and digital money standards.
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