You provide some interesting thoughts. As for 1: This is not practically possible, and/or forces the government to artificially fix exchange rates between curr

You provide some interesting thoughts. As for 1: This is not practically possible, and/or forces the government to artificially fix exchange rates between currencies, which would defeat the whole point. Why? Because huge parts of the law deals with absolute monetary terms. Gasoline taxes, for example, are typically a fixed amount per litre. Tax exemptions are usually of the form "no tax below $X amount of $currency". Going beyond tax law, you have the same issue with fines. Reasonable people can prefer this kind of absolute amounts in certain areas of the law, but this forces the government to either "pick a winner" (i.e. settle on one currency it uses in its legal texts) or to artificially fix exchange rates (by giving the amounts in all existing currencies). This pretty much means that currency competition cannot exist. The much more important point is this though: Currency competition does not serve a useful purpose. It only adds friction to the everyday economy. (Removing this kind of friction is a big reason why the Euro is still pretty popular with many people despite the macroeconomic mess it has lead to.)