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Cameroonian separatists who fight for the independence of the self-declared state of Ambazonia have put their cryptocurrency for sale to the general public. AmbaCoin aims to provide humanitarian aid to those affected by the conflict in the English-speaking regions with the hope of raising up to 250 million US dollars.
"The initiative is geared to helping with the humanitarian side of things," says Frank, one of the members of the AmbaCoin project who responded to the demands of the cryptocurrency press, but wanted to remain anonymous. "This is the idea behind it – raising funds to support humanitarian efforts".
It is hoped that the creation of a currency for the so-called Ambazonia will also support efforts to have the separatist state officially recognized as a country. The creation of its Amazon currency allows separatists to move away from the use of the CFA franc.
"AmbaCoin's idea was to get away from the CFA – we do not see the CFA franc as a legitimate currency for Ambazonia," says Frank. "If we want to be independent, we can not pursue a French colonial currency".
The currency of Cameroon is issued by the Bank of States of Central Africa, in turn supported by the French government's treasury. The CFA franc is pegged to the euro, however, and in recent years has attracted the anger of activists in the countries of western and central Africa, who have protested against the continued influence of France long after the end of colonialism.
How does it work?
AmbaCoin is officially on sale on December 28th with an AmbaCoin token equivalent to 25 cents. Prior to the main "crowdsale", the token was offered through a "pre-sale" with 10 percent of the available AmbaCoins. More than 30,000 AmbaCoins had been issued as of January 1, according to the website.
There are 13 AmbaCoin holders, according to an analysis available on the Bloxy website, which provides information on public blockchains. A digital wallet address contains almost 42 percent of the existing AmbaCoins issued.
Ambazonia supporters can purchase AmbaCoins through a dashboard on the website. Users can use other cryptocurrencies like Bitcoin, Litecoin or Dash to make traditional transactions and currencies, including euros, dollars, CFA francs, rand or rubles. The AmbaCoins therefore reside in an Ethereum digital portfolio. The project describes the token compatible with several digital wallets of existing cryptocurrencies.
The token itself is based on the existing Ethereum blockchain technology that provides a decentralized public ledger. The AmbaCoin whitepaper describes how transactions are completed using the Ethereum "smart contracts" system, a protocol that aims to enforce transactions without a third party.
AmbaCoin is based on the "proof-of-stake" architecture that defines how block transactions are handled. This approach avoids the need for mining where computing power is used to perform different cryptographic calculations.
How can AmbaCoin be used?
The project includes a number of uses for AmbaCoin. The whitepaper describes how advocates can keep the token and see its value appreciate over time, a strategy made popular by BitCoin enthusiasts where "hodl" means holding back cryptocurrency rather than selling it. In addition, AmbaCoin can be exchanged to provide a return for investors, according to the project.
It also acts as a digitized form of a treasury bill – "in the end, the Amazon nation will buy it" – and can be used "to get access to national services," according to the white paper. AmbaCoin will not be tied to any traditional currency and aims to become particularly important for the remittances of Africans in the Diaspora.
Spending on potential humanitarian aid for the English-speaking regions will be decided by AmbaCoin's board of directors, according to Frank. "They will take this decision," he says, paying particular attention to the plight of refugees and internally displaced persons affected by the worsening violence in the Anglo-Saxon regions of Cameroon.
The crisis that has hit the North-West and South-West regions has already seen humanitarian fund-raising efforts. The Cameroonian government in mid-2018 collected almost 20 million euros to help those affected by the consequences of what is said to be "acts of terrorism" by separatist groups.
Support from the "government" ambasciano
A number of different groups claiming to be the government of Ambazonia emerged from the self-declaration of Ambazonia's independence in October 2017. The situation in the field has also evolved, with rival armed separatist groups involved in the struggle between themselves and with the security forces of Cameroon.
"It's an initiative of a few individuals," said Chris Anu, spokesperson for the Federal Republic of Ambazonia, in response to questions about AmbaCoin. "Our government has not approved it".
Ambazonia's rival board of directors affirms to fully support AmbaCoin and encourages its supporters to purchase cryptocurrency, describing it as an "ingenious and revolutionary initiative".
"A group of creative geniuses has developed a cryptocurrency designed to promote the Amazon revolution, to establish a separate homeland and promote a unique sense of national ownership of our medium of exchange," says Cho Ayaba, head of the AGC, in comments sent by email.
Who is there?
Those behind AmbaCoin are not immediately known. The project's whitepaper states that the board of directors and the development team are "classified information". Frank, who describes him as a "currency of freedom", says AmbaCoin takes the legal form of a company registered in South Africa with a bank account under the same name.
Frank says directors include "Ambazonians across the board", including "some foreign citizens of different nationalities with experience in cryptocurrency".
AmbaCoin is listed as a company with five directors incorporated into South Africa on October 31, 2018 at an address in Cape Town, based on corporate documents reviewed by RFI.
A listed executive of AmbaCoin is Tshisikhawe Mabel Khangale, a 36-year-old accountant who is a member of the register and auditor who manages a company called Andisa SA which carries out company records.
Another South African link is Fuler Ayuk Ayamba, who is listed as a director and lives in the Western Cape, according to a 2013 South African government newspaper.
AmbaCoin extends beyond the African continent. Frank Enoanyi Abange is a director and resides in the US state of Ohio. Abange is listed as the owner of Curantis Healthcare Services Ltd, according to research with the Secretary of State of Ohio. Curantis is described as a "service provider for people with developmental disabilities" and the company is registered as a health service provider.
Abange also appears in research as recording a company called "Ambazonia Mission AGC", incorporated in Ohio. This non-profit society claims to have been formed to "promote and support the human, social and self-defense rights of the people of South Cameroon (Ambazonia)". The company's charter includes a document called "Ambazonia Mission Card", signed by Cho Ayaba, head of the AGC.
There are two directors who seem to be based in Europe. Julious Nyih Nyiawung presents on the website of the Irish University College of Dublin Smurfit School as a human resources expert. It is also listed as an academic in a 2017 staff list for the Kaplan educational institution in Singapore. Nyiawung is often described as vice president of AGC and on their website is said to be responsible for the "mobilization of human resources".
The fifth director of AmbaCoin is Moses Esim Enoh. It appears in research related to Griffith College in Dublin, Ireland. His thesis on environmental practices in Irish agriculture was published in 2015.
The other name revealed as the author of the AmbaCoin whitepaper is Bruno Mpako. Mpako seems to reside in Cape Town and describes himself as a "web developer and network expert". LinkedIn's profile lists him as CEO of Bank Crypto Coin. Frank says that Mpako is "one of the technical brains" behind the AmbaCoin project and acts as one of the leading technologists.
Path to statehood
The separatist state of Ambazonia is not the only self-declared territory to issue its own currency. Somaliland, which declared independence after the fall of the military leader Siad Barre in 1991, emits the Somaliland shilling and runs its own central bank.
South Sudan has embarked on a different path to issuing its own currency, waiting to achieve independence before introducing the Sudanese south pound. The country separated from Sudan in 2011 and remains the youngest country on the African continent.
Other countries outside the African continent have been involved in cryptocurrency initiatives. The Venezuelan government launched the petro at the beginning of 2018 with President Nicolas Maduro, describing it as the cornerstone of efforts to rebuild the country. The petro is said to be backed by oil reserves, but investigations have revealed little details about the cryptocurrency.
It is said that the Marshall Islands are launching a cryptocurrency in collaboration with an Israeli company. However, the International Monetary Fund in a report of September 2018 states that there are "many risks involved" in the issuance of a cryptocurrency as legal tender.
Supporters of Ambazonia, like Frank, see a disadvantage in emitting AmbaCoin for the separatist state. "We believe that the nearest Ambazonia can become an independent nation, will influence the value of money," he says.
"People know cryptocurrency – the more we become known, the more stable it becomes," says Frank. "The future is what matters."
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