Most aboriginal communities in Canada have long been interested in furthering two goals. One has been to generate economic development and wealth for their members. Second has been to increase aboriginal sovereignty and reduce the regulatory reach of the Canadian government on aboriginal life. A pan-aboriginal digital currency in Canada would help many communities achieve both of these goals, as long as a large majority of aboriginal communities adopted and used the currency when transacting with each other and with non-aboriginal businesses and individuals. It would not be hard to imagine visitors to an aboriginal casino, or Canadian energy and mining companies interested in pursuing development on aboriginal lands, readily agreeing to use the new digital currency to do business with aboriginal governments and businesses. If Canadian aboriginal communities did adopt and demand payment in something akin to the MazaCoin, doing so would dramatically increase the value of the currency, which in turn would immediately generate wealth for aboriginal governments, businesses, and individuals, all of whom would receive the initial batch of coins through an aboriginal trust set up and managed by a consortium of aboriginal entities. Beyond economics, a new aboriginal digital currency would also be attractive to many communities because it would serve as a powerful symbol of aboriginal sovereignty and autonomy.Get the Story:
Christopher Alcantara: Canada’s aboriginal communities should explore digital currency (The Record 3/15)
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