An increasingly vocal separatist group based in South Cameroon, calling themselves “The Federal Republic of Ambazonia,” have launched their own cryptocurrency reports Quartz. The coin reportedly will be called AmbaCoin. The digital token is an ERC20 cryptocurrency which relies on Ethereum as the parent chain.
Of the Ambazonian crypto bond, 20,082 had already been bought, out of 100,000,000 on pre-sale as of Nov. 10, claims the report. One AmbaCoin sells for 25 cents (circa 140 CFA francs). The main initial coin offering of the digital coin is supposed to be on Dec. 24. The brain behind the cryptocurrency calls it the first crypto to be fully nation backed. It is said to be backed by the “rich natural resources” of the breakaway region.
The AmbaCoin was proposed and conceived by a group of anonymous Anglophone separatist scholars, technocrats and developers. It has subsequently gained the support of frontline secessionists and separatist movements. People behind AmbaCoin proclaim that they are planning to create a traditional fiat currency called “Ambazonia.” This will be used to peg the future price of AmbaCoin.
This movement is administered by the so-called ‘English-speaking’ separatists who were too desperate to sever all the connection from the Central African franc (CFA) which Cameroon uses. Both the Central and West African CFA are linked to France’s national treasury.
The cryptocurrency is a way for Cameroon’s Anglophone separatists to further strengthen their symbolic declaration of independence of the “Federal Republic of Ambazonia.” Ambazonia had announced its independence from Cameroon on Oct. 1, 2017. In addition to the new cryptocurrency, Ambazonia has an anthem, flag, and an interim government, but they have not been recognized as a nation by any other country in the world. This Cryptocurrency serves two purposes in this regard. Its primary purpose is to provide funding for the ongoing nation-building. Half of the proceeds of the ICO will go directly for this cause of appealing to the United Nations, European Union, and African Union to recognize the sovereign nation.
“Numerous Ambazonians in the diaspora and other stakeholders who want to see a prosperous Ambazonia, are unable to help provide foreign direct investment to the Governing Council,” Amba Coin developers said. And hence, the second purpose of Ambacoin will be to kick-start the ‘Ambazonian’ economy. This will be done as they understand by creating a bond, which will be used to raise capital.