Not allowing free, competitive currencies into a market is a problem. Virtually all governments hate that even though it's good stuff. But it's absolutely essential to have a central bank that runs the national currency. It's possible that all forms of free money could never achieve that high of status without a central bank and government that backs it anyways. Huge inflation and deflation spikes are normal, but it is only after central banks countered them through monetary policy that steady growth became a thing.