In the wake of the civil unrest that is about to overthrow the Cameroonian government and create two sovereign nations, the country's separatist government has announced the launch of a new cryptocurrency called AmbaCoin, a name coined by the region's proposed campaign name, Ambazonia, which is still have an international recognition.
The self-venerated sovereign country, which is predominantly occupied by English-speaking citizens, has made the announcement concerning the launch of the sovereign autonomous digital assets, which is to operate independently of the default currency of Cameroon, the franc.
The cryptocurrency (AMBA), which reportedly will serve as the official currency of the Federal Republic of Ambazonia, will operate according to the ERC-20 standard and the separatist country is pushing to ensure that the currency remains.
AMBA will be the second cryptocurrency created to finance a struggling economy in the world, following the Venezuelan Petro born from the need to save the country from the hyperinflation it is experiencing.
The reports were followed by the increasing intensity of civil strife and unrest in West Africa, where the English and French-speaking regions clashed against each other.
A total of 100,000,000 tokens were made available in the pre-ICO sale and QZ Africa reported that well over 20,000 AMBA tokens have already been purchased, leaving still around 99,980,000 tokens.
When the real Iba of AMBA will jump on 24th In December, 1 AMBA should sell for $ 0.25 and the currency is backed by assets.
The Ambacoin whitepaper explains that investors in the currency will be able to recover their investment in the same way that external investors can benefit from the acquisition of treasury bills and bills of exchange.
The document also reads:
"Given that a large number of people in the Amazon diaspora are trying to invest in the country, they will be able to recover their investment with an interesting interest far beyond that available from bonds and treasury bonds. unique and privileged opportunity to help get rid of a nation after the decades of misfortune of a marginalized people in Cameroon ".
Although there are some similarities shared between Ambacoin and the Petro of Venezuela, the currency still has its uniqueness.
One of the features that make Ambacoin look like a Petro imitator – in addition to the fact that both emerge from the need to revive a downward economy – is that the Cameroonian cryptocurrency is supported by the natural resources of Ambazonia. The digital currency will also be supported by future treasury profits.
Furthermore, just as in the case of Petro, questions are raised about the way in which natural resources and future earnings will be taken into account and calculated to provide the cryptocurrency with the necessary value.
There are also some questions about the lack of clarity on how resources will be quantified to finance the currency. This also brings to the fore, the question of how resources will be pooled, given that most of the resources under the Cameroonian army are still under the tight grip of the southern region.
The enthusiasts of the crypt are also worried about the lack of explanations of AmbaCoin's promoters regarding the framework that will guarantee the promise of making money a new legal tender currency. Experts behind the coin also point out that the currency will generate many investments and will revolutionize the crypto ecosystem.
Chris Anu, Secretary of State for Communications and Information Technology of the separatist government of Cameroon, insisted that the notes on paper bonds representing the AmbaCoin tokens are already in preparation before the proposed pre-ICO sale launch.
Although there are frightening and uncertain questions surrounding AmbaCoin's economic and technical livelihood, its acceptance and adoption among the people in that region of Cameroon can not be compromised.
The region is proud to challenge over 2 million diaspora investors who would be willing to try digital heritage in order to help realize the nationality of Ambazonia.