How do blockchain virtual currencies conflict with the exclusivity of the U.S. Mint and federal monopoly of the right to print dollars?
What if states opt out of dollars for business transactions and use virtual currencies to pay employees?
Early in the national history any number of entities could mint their own currencies. Some weren’t worth much and Gresham’s law with bad money following good phenomenalized, so the right to print one’s own form of cash was taken away.
Printing one’s own money or virtual currency might be considered a solid step on the road to sedition.
“The Congress shall have Power To lay and collect Taxes, Duties, Imposts and Excises, to pay the Debts and provide for the common Defense and general Welfare of the United States; but all Duties, Imposts and Excises shall be uniform throughout the United States;
To borrow money on the credit of the United States;
To regulate Commerce with foreign Nations, and among the several States, and with the Indian Tribes;
To establish an uniform Rule of Naturalization, and uniform Laws on the subject of Bankruptcies throughout the United States;
To coin Money, regulate the Value thereof, and of foreign Coin, and fix the Standard of Weights and Measures;
To provide for the Punishment of counterfeiting the Securities and current Coin of the United States;”