Opinion: Oglala Sioux Tribe could benefit from new currency

Mazacoin founder Payu Harris thinks he has found a way to improve the Lakota Nation’s economic prospects as well as return a bit of sovereignty to the Sioux people. A derivative of Bitcoin, Mazacoin is a cryptocurrency developed solely by the tribe and, if left alone by the federal government, could give the Sioux tribe the first sovereign and independent currency in use by a native American nation.

Mazacoin just crossed ten million dollars in market cap and is growing three times as fast as Bitcoin. The cryptocurrency is starting to be accepted at local businesses and is expected to have a lifespan of over a century, therefore making it a legitimate store of value for the Sioux people. But the real question is, how will Mazacoin impact the local economy? And what other unforeseen consequences may emerge?

Up to forty-thousand people live on the Pine Ridge Reservation, and the average per-capita income is less than ten thousand dollars annually. It is 120 miles from the nearest urban area, and there is no public transportation. Many families have no electricity or running water, and most of the jobs that are available are in local community institutions.

The mission of the founders of Mazacoin is to eventually provide business loans, technical assistance, and wealth building education for individuals and businesses on the reservation, with an emphasis on investing in youth. The tribe has also established the Prairie Wind Casino that provides about two-hundred and fifty jobs to the local population.