To understand what to do about this, I need to say a few words about what an ideal monetary system would look like. The answer is simple: a monetary system with no state regulation—where the market decides what becomes money, where, and when. Those horrified by the “chaos” of multiple currencies should consider that, in reality, it’s very difficult to profit from producing money. To succeed, you need a sufficient number of people to value your money as a medium of exchange and prefer it to other monies. It’s easier to bake pies.
The goal, then, is the complete demonopolization of the monetary sphere and the free creation and circulation of any means of exchange.