A group of anonymous scholars and developers from Southern Cameroon have created a new cryptocurrency, AmbaCoin.
The group is part of the separatist movement that is fighting for the independence of Southern Cameroon, a region that was formerly under the United Kingdom administration. They are seeking recognition for their new country, the Federal Republic of Ambazonia.
According to information gathered on the whitepaper and official website, AmbaCoin is a decentralized public blockchain and cryptocurrency for the new nation of Ambazonia.
AmbaCoin is backed by the rich natural resources of Ambazonia and a buyback policy is guaranteed by the future Ambazonian Treasury.
The state-backed cryptocurrency has two main purposes. First, it will provide funding for the ongoing building of “Amba Land”, as it is sometimes referred to. Half of the proceeds of the ICO will be used to appeal the United Nations, European Union, and African Union to recognize Ambazonia as a sovereign nation. Secondly, the cryptocurrency will be used to kick start the Ambazonian economy and provide an income for the Ambazonian citizens:
“All sales of the AmbaCoin will be directed to fund the Ambazonian Cause, to assist Refugees & Internally Displaced Persons, to rebuild homes destroyed by occupying military forces, and to defend communities from the repressive regime of La Republique Du Cameroun.”
Currently undergoing presale, 1 AmbaCoin (ERC20) can be purchased for $0.25. It is also possible to purchase Ambazonian crypto bonds that are backed by AmbaCoins. The whitepaper promises “guaranteed profits” for early investors, as AmbaCoins will be listed at $4. So far, funding has been scarce. Only 20082 bonds have been bought, out of 100 million, and the online presale received a total of $6800.
AmbaCoin is based on proof-of-stake architecture. The whitepaper claims that the cryptocurrency will be fast, transparent, and secure. With plans for mobile integration, “AmbaCoin will create a platform through which Ambazonians can freely trade with the international market without unfair restrictions”.
The quest for the independence of Southern Cameroons began in October 2016, when lawyers and teachers manifested on the streets against economic injustice as well as cultural and linguistic discrimination.
In September 2017, separatists in the Anglophone territories of Southern Cameroons declared the independence of Ambazonia. This marked the beginning of the Anglophone Crisis, also known as Ambazonia war.
AmbaCoin is the latest effort by the separatists to cement the symbolic declaration of independence created last year in October. They also plan to issue a fiat currency backed by AmbaCoin.
Creating a new currency as a means to achieve independence is nothing new, as many unrecognized nations of the past have created their own currencies. One example was Biafran, a legal tender created by the self-declared Republic of Biafra during the Nigerian civil war (1967-1970).
Regardless of how the situation unfolds in Ambazonia, this is just one more example among an already long list of countries with plans to issue their own cryptocurrencies.