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Author Topic: Tribal Sovereignty and Bitcoin regulation Solutions may be closer then we know  (Read 3757 times)
kimitsugroup
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December 10, 2013, 03:44:50 PM
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Recently in the news there have been several countries, China, France, and India that have come forward with reservations regarding the acceptance and usage of Bitcoin as a recognized means of Trade and or a legitimate currency. With other news items reporting high level scams and cyber thefts in recent weeks raising consumer questions into the safety and security of Crypto Currencies, these countries and others around the world have ample reason to be concerned for the future and what regulations need to be in place to protect both consumer confidence as well as the liquidity of their fiat reserve currencies and their position in global exchange markets. But the question also comes as what should regulation look like? What role does the national government have in what their citizens use for trade in a free market economy? Enter the Bitcoin Oyate Initiative, all of the worlds global concerns are largely based on misinformed speculation, hearsay rumors, and a lack of genuine understanding of Bitcoins technical element and what it could mean for the growing e commerce market.

Tribal Sovereignty: The Lakota “White Knight”

Native American tribes hold a unique political relationship with the American Federal Govt. as they are De Facto Sovereign nations they have the unique distinction of the right to determine their own future through Political powers backed by longstanding treaties with the US Govt. One such treaty would be the historical FT Laramie Treaty of 1868, and specificly under Article XIV of said treaty

“It is agreed that the sum of five hundred dollars annually for three years from date shall be expended in presents to the ten persons of said tribe who in the judgment of the agent may grow the most valuable crops for the respective year “

now it is important to understand that at the time Agriculture was the primary commercial application the Federal Govt was wanting to direct the Tribes interests towards and since the treaty remains a legal and binding document we can assume it remains in effect to this day as a matter of US Law under the US Constitution and Adjusting for current standards for international norms it is safe to say that Bitcoin and Crypto Currencies are the “Most Valuable crops for the prospective year”

But what does this mean for the Bitcoin Industry as a whole? Simple, it means that Native American Reservations, Being in fact Sovereign nations under treaty, make a perfect incubator to introduce Bitcoin into, freely nurture it's usage, growth and development and see what the results will be. Shannon County is the 2nd poorest county in the US with a median Annual income of only $6,286 so if Bitcoin can really in fact make a positive impact on a economically devastated area this is it. This Initiative will allow all the hype and promises of Bitcoin and Crypto Currencies to be proven in a natural environment which will allow tribal officials to work out exactly what regulation needs to be in place to allow for proper consumer protections, strengthen current US and International AML statues, while still supporting a consumers right to choose their method of trade albeit Bitcoin, Debit/Credit Cards, Check or Fiat Cash, without incurring harsh fee's or sanctions biased against any specific trade medium.
Drafting regulation on Bitcoin without first openly embracing it is like trying to run a marathon blindfolded then being shocked when you run off course. Will there be challenges? Yes there will be, but thats why the BTC Oyate Initiative is designed to do, identify potential real world challenges, shortcomings, and flaws in a environment that fosters continued growth and development of the industry rather then prohibition. If the project is successful and proves out to be able to make a

significant positive impact for a economically shattered region like the reservation then it becomes a
model for other areas to use for their own development projects in the future to promote economic growth and stability.

As stated in earlier project descriptions the Bitcoin Oyate Initiative is looking forward to sharing our data points with world leaders and financial policy makers so they can look at the factual data and determine the best course of action for instituting Bitcoin regulation in their countries based on fact rather then hyperbole and conjecture.

Sincerely
Payu Harris
BTC Oyate Initiative
Project Manager
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December 10, 2013, 09:38:18 PM
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Love this!  I've been hoping someone would do something like this for quite some time!

Will the Free Lakota Bank be exchanging/accepting Bitcoin?
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December 10, 2013, 10:09:34 PM
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Ok well I know the Owner of the free lakota bank...they're working more with the sales of Silver coins which is cool...but they're not exactly a bank in the sense that we think of a bank. To date theres been no talks between the two of us...not to say that it wouldn't happen in the future, who knows. But we are open to exploring all ways to increase bitcoins true market viability. A few people have expressed a interest in developing a stable Banking structure around Bitcoin and various crypto currencies 
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