And with eCash, each bank can create their own brand of “cash” (eCash token) on universally accepted “paper” (Cashu protocol), rather than one specific cash note design that’s controlled by the government.

With private/free banks creating their own notes, you discover a free market for cash and deposit institutions, such that users can choose the “bank” (mint) that they trust - perhaps they publish a verifiable proof of reserves, or they offer competitive benefits - theoretically improving the market for banking and getting away from the current landscape where you can only pick one of a dozen behemoths that are each terrible in various ways.