MMT suggests that ability for a government to print money is a critical power for the ability of government to have impact and temper economic cycles
usually, on the federal government has the ability to print money
what if...
any government (~ entity that collects taxes) would issue its own currency, have a central bank, and collect taxes in that currency
ie. all regional and municipal governments
ie. "Ontario-coin", "Toronto-coin"
even if, say, the City of Toronto minted its own coin, why would anyone bother using it?
because it is required to pay taxes with
anyone owning real-estate in Toronto would need to pay money
where would one get Toronto coins to pay taxes with?
most would likely come via mortgages on Toronto properties from banks, who get it directly from the Toronto Central Bank (which "prints" it into existence)
also, the City would pay it's expenditures in Toronto-coin (salaries, contractors, etc.)
in theory, other merchants would grow to accept it as well
potentially with auto-conversion of currencies (like how you can pay with a foreign-currency credit card anywhere in the world)
or, it would become common to have multi-currency accounts (like Wise)
major downside is that most individuals wouldn't want to deal with the complexity of multiple currencies (b/c, say, a Toronto resident would receive, hold and pay some mix of Toronto-, Ontario-, and Canada- coins)
but, the finance sector would love this
establishing "efficient" conversion rates through arbitrage