Taler isn’s a currency but a payment system. So yes each token generating entity would have their own token. There could be some sort of backend exchange mechanism (I think Taler is working on that), but basically the person receiving the token would have to redeem it with the same exchange that issued it. Legally it can’t be directly exchanged back to fiat money, but the exchange could issue a service contract with the person and pay them according to the tokens they hold.