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More and more determined and courageous separatists seeking international recognition of the self-proclaimed "Federal Republic of Ambazonia" (Southern Cameroon) have created a cryptocurrency which, according to them, is the first to be fully supported by the nation.
Known as AmbaCoin, 20,082 of the cryptographic bond ambasciano had already been purchased, out of 100,000,000 in pre-sale since 10 November. An AmbaCoin sells for 25 cents (around 140 CFA francs) and the main initial currency offering of the crypto – the currency is scheduled for December 24th. It is said to be supported by the "rich natural resources" of the separatist region.
AmbaCoin was conceived and built by a group of anonymous English-speaking separatist scholars, technocrats and developers. But he gained the support of frontline secessionists and separatist movements. When the news of the crypto-currency was made public last month, Chris Anu, who holds the title of secretary of state for communications and information technology for the "Federal Republic of Ambazonia", published an example of the link crypto-currency on his Facebook page and said: "We are coming people".
Ambacoin / Facebook
In the last fifty years in Africa, especially in areas where people want to create their own country from another, people have chosen to put their faith in a form of exchange other than a currency that is accepted globally . During the Nigerian Civil War (1966-1970), the then self-declared Republic of Biafra adopted the Biafran pound as legal tender, abandoning the Nigerian pound it had used prior to independence.
There is also a plethora of unrecognized countries in the past that have invented currencies in their efforts to be independent. The Katangas in the Democratic Republic of the Congo invented their franc currency in the 1960s, while the Rhodian pound was the currency of Southern Rhodesia (now Zimbabwe) from 1964 to 1970.
Reuters
A statement on the AmbaCoin website indicates that plans are already underway to create a traditional fiat currency for "Ambazonia" that will be used to set the future price of AmbaCoin. English-language separatists will be eager to dissociate from the Central African Franc (CFA) used by Cameroon. Both the Central CFA and that of West Africa are connected to the French national treasure.
There is also the practical advantage that the use of a cryptocurrency for now will be beyond the reach of the Cameroon government.
According to the developers, the greatest challenge faced by the separatist region is that most of the resources and wealth in the area are controlled by the Cameroonian government led by the French speakers, which suffocates access to its assets.
"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 Governing Council," said Amba Coin developers. As such, they thought that the best solution would be to create a bond, which will be used to raise capital to revive the "embassy" economy.
AmbaCoin, with tailor-made features, is a crypto-currency ERC20 that relies on Ethereum as its main chain. Developers promote cryptographic transparency, confidentially and with low transaction costs.
The cryptocurrency is the last effort of the Cameroonese English-speaking secessionists to cement the symbolic declaration of independence of 1 October 2017 of the "Federal Republic of Ambazonia". In recent times separatists have taken arms against the state of Cameroon, imposed a school boycott since October 2016 and an act of civil disobedience known as "ghost town" every Monday.
In addition to the new cryptocurrency, "Ambazonia" has an anthem, a flag and an interim government, but it must still be recognized as a nation from any country in the world, unlike the Republic of Biafra which has had a short life but at some point it was formally recognized by the Ivory Coast, Gabon, Haiti, Tanzania and Zambia
