Anglophone separatists from Cameroon have launched their own sovereign cryptocurrency called ‘AmbaCoin’ (AMBA). The creation of the cryptocurrency is to boost their symbolic declaration of independence over the French speaking-regions in the country.
A report from Quartz said, an anonymous group of separatists, technocrats and developers are the ones behind the creation of this coin, which since then has received encouragement from the people of the region.
The currency operates on ERC-20 standard which relies on Ethereum as a separate chain, also proclaimed as the official currency of “The Federal Republic of Ambazonia,” a country that is presently unrecognized, with the separatists striving for it to get actualized.
As per the reports from Quartz, 20,082 AMBA tokens have been bought out of the 100,000,000 in a pre-ICO sale. Also adding, one AmbaCoin costs 25 cents (circa 140 CFA franc), and the main initial coin offering of the cryptocurrency is to start from December 24.
The Anglophone separatists are looking to distance themselves from the Central African Franc (CFA) which is currently used by Cameroon. The developers currently see potential in AmbaCoin, also ensuring the coins is built with features like confidentiality, transparency, and low transaction cost.
Cameroon’s challenge with cryptocurrencies dates back to their pre-Independence when the country was formed combining British and French colonial territories, a majority of the territory belonging to the French.
After the combination of two territories, the English speaking people have been continually complaining that they face both political and economic disadvantages. The United Nations (UN) had handed over two options to the English speaking people; either to join Nigeria or Cameroon as Federation.
Cameroon’s Anglophones secessionists are working on creating a “new traditional fiat currency” for Ambazonia. AmbaCoin’s website states that such traditional fiat currency will be available to back the latest cryptocurrency, AmbaCoin.
An excerpt from the whitepaper of AmbaCoin reads:
“The key benefits of AmbaCoin are that it is fully recognized by the Ambazonian nation and is backed by the Treasury. Over two million Ambazonians in diaspora will be encouraged to purchase these coins to assist in the process of building the newly founded nation-state. However, the second phase will involve using AmbaCoin as the first export service to offer the billions of Africans on the continent a safe and secure method of remitting money to their loved ones.”
The aim of launching their own cryptocurrency is to have Amazonians access their wealth within the region by utilizing AmbaCoin than what the government is providing them presently.
In addition to this, there is a massive investor base of 2 million people in the Anglophone Cameroonian group.