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A separatist government in the southern region of Cameroon's semi-autonomous and Anglo-Saxon Ambazonia announced the launch of a new sovereign cryptocurrency called AmbaCoin (AMBA). Operating according to the ERC-20 standard, AmbaCoin is advertised as the official currency of the "Federal Republic of Ambazonia", the currently unrecognized country that separatists are pushing to actualize.
QZ Africa reports that more than 20,000 AMBA tokens have been purchased on a total stock of 100,000,000 available in pre-ICO sales. The actual ICO should start on December 24, with 1 AMBA for sale at $ 0.25. AMBA then became the second cryptocurrency experiment after Venezuela Petro was born of the need to raise funds and revitalize a troubled economy by a government, even if not recognized.
Petro Copycat or Functional Idea?
AmbaCoin shares a number of key similarities with his Venezuelan cousin in addition to the socioeconomic upheavals that led to his creation. Like Petro, AmbaCoin claims to be a cryptocurrency supported by the activities, with the activities in question as "natural resources and future treasury profits" of Ambazonia.
As in the case of Petro, it is currently unclear how the natural resources and expected value gains will be quantified and calculated, and it is not clear how the above resources will be used given that the Cameroonian army still maintains control of Southern Cameroon.
Like Petro, it also comes with the promise of a new national fiat currency anchored to AmbaCoin and its promoters place a key focus on investment promises and revolutionary rhetoric without necessarily providing a clear explanation of the framework that will ensure compliance with the promises.
An excerpt from the AmbaCoin white paper reads:
"[AmbaCoin] investors will be able to recover their investment in the same way that investors can benefit from the acquisition of treasury bills and invoices. Given that a large number of people in the Amazonian 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 bills. At the same time, investors will have the unique and privileged opportunity to help get rid of a nation after decades of misadventure of a marginalized people in Cameroon. "
The paper notes representing the AmbaCoin tokens are in preparation for the proposed launch, as shared on the Facebook page of Chris Anu, the Secretary of State of the separatist government for communications and IT.
Regardless of AmbaCoin's economic and technical criticism, however, it should be noted that the project can not be rejected inadvertently because, firstly, there is a real road-level demand in the region for money that is not controlled by the French-speaking Cameroon power plant. government. In addition, there is a potential investor base of as many as 2 million people in the English-speaking diaspora of Cameroon.
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