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The nation of Cameroon in Africa has been trying to create its own cryptocurrency since 2018, and new developments are now at hand.
Money is a step in the "separatist movement" of the country. Officials have been working to free themselves from a French-speaking government for some time, and this new cryptocurrency will offer the Cameroonese the opportunity to achieve further financial independence.
The currency is known as AmbaCoin, named after the Federal Republic of Ambazonia (southern Cameroon), which is what the region is trying to be known as. About 20,000 individual monetary units have already been sold and purchased since the pre-sale of the coin of about 100 million coins began in November 2018. It is a limited number, but for a people who have been hungry for adequate financial resources for some time, it's a solid move forward
A new type of currency
The initial initial offer of coins (ICO) began on Christmas Eve, which means that there is still plenty of time to get the remaining coins sold. The creators affirm that it is supported by the "rich natural resources" of the country, even if it is not clear what exactly means. At the time of writing, an AmbaCoin is selling for around 25 cents of a dollar. Furthermore, the resource is entirely "supported by the nation". AmbaCoin is also built through the Ethereum blockchain, making it an official ERC-20 token.
Technologists, developers and scholars behind the currency remain completely anonymous, even though the currency has gained the attention and support of various secessionists and separatists. Chris Anu – secretary of state of communication and information technology for the Federal Republic of Ambazonia – has even taken on Facebook to publish a link that represents the currency and said: "We are getting there, people."
Making things "stable"
There are also plans to create a traditional fiat currency for the nation once it has achieved full independence. This will then be tied to AmbaCoin, which in itself will make the digital currency a stable currency and will give it power against the volatility and price fluctuations that often occur among the major digital payment currencies such as bitcoin and Ethereum. Residents are trying to get rid of the Central African Franc (CFA), which currently uses Cameroon.
One of the biggest problems, however, is that most of the money and financial resources in support of the area are controlled by a French-speaking government that seeks to restrict access to separatists. Developers for the new coin status:
"Many ambassadors of the Diaspora and other interested parties who want to see a prosperous Ambazonia are not able to contribute to providing direct foreign investment to the board of directors".
Countries that follow the suit
Many nations are trying to get rid of the financial outlets that are living from other countries. Iran, for example, has long been in the process of discussing and potentially building a nationally recognized cryptocurrency that could potentially release it from the sanctions imposed by the United States and its allies.
This is interesting in the sense that Iran has not always had the "cleaner" relationship with the crypto, and even in the creation of this new currency, Iran aims to knock out any competition by discouraging the use of bitcoin, Ethereum and other important resources.
Too many ups and downs
In addition, Venezuela released the petro currency at the beginning of 2018. Presumably supported by the country's numerous oil reserves, the currency was designed to help the country's sick economy as a result of mass inflation. of bolivar, the legal tender currency of Venezuela.
Unfortunately, the petro has been overwhelmed by the controversy since its official debut from what has been done through its ICO to the mention of oil reserves in its official white paper. US President Donald J. Trump has even imposed a ban on the sale and sale of petro to prevent Americans from falling victim to potential scams.
