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From the very beginning, Harris set aside 10 million coins as a reserve for a Lakota development fund. Other than the reserve, there is little that technically sets MazaCoin apart from Bitcoin, making it a somewhat hard sell as an attractive “alt coin.” But Harris doesn’t want to woo too many investors. He says he doesn’t even need the initial rising valuations; He just wants to build a system that can add value to the indigenous population, starting with the Lakota on Pine Ridge and expanding from there to other tribes and reservations.
The challenges MazaCoin faces today are very different from the challenges it faced a few years ago. Harris and his team realized that in order to create a national currency, the tribal council needed the ability to set monetary policy. “I was coming to this in terms of sovereignty,” he says, “but having our own currency structure and a vibrant, comprehensive monetary policy is how we build our economy. We’re going to build our markets and we’re going to build it that way for the future – that’s how we’re going to get rid of federal funds. Period.”
Tribes are somewhat free from US regulations, which means that new policies targeting crypto may not affect MazaCoin.
Currently, domestic nations use the US dollar, making them dependent on policies set by the Federal Reserve, the Treasury, and Congress. But as “internal dependent” nations, the tribes are somewhat free from US regulations, which means that new policies targeting crypto may not affect MazaCoin. Harris hopes this isolation could make MazaCoin more attractive in the near future, given the renewed federal appetite for crypto regulation.
Meanwhile, Harris found other uses for all of his technology. He works to symbolize the natural resources the tribe has, such as unmined gold in the Black Hills or reserves of coal that can be commodified. Harris also stores tribal agreements, documents and historical assets on the blockchain to create an indigenous record-keeping system. For him, it’s all about finding new ways to defend sovereignty and pump money back into the reservation.
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